Nigeria’s Inflation Dropped for Twice in August

By Stephen Asaba-ase

The Nigeria’s inflation rate drastically dropped to 32.15 percent in August 2024, from 33.40 percent in July.

Congress news learnt that National Bureau of Statistics, NBS, latest Consumer Price Index and Inflation Data disclosed on Monday.

Meanwhile, the data statistics shows that, the country’s headline inflation decreased by 1.25 percent in August compared to the 33.40 percent recorded in July.

The report also showed that food inflation remained at 37.52 percent in August 2024, from 39.53 percent in July.

The increase dropped despite the recent fuel pump price ceiling.

Nigeria’s inflation rate dropped to 32.15 percent in August 2024, from 33.40 percent in July.

This is according to National Bureau of Statistics, NBS, latest Consumer Price Index and Inflation Data released on Monday.

Similarly, the report showed that food inflation stood at 37.52 percent in August 2024, from 39.53 percent in July.

According to NBS data, this is the second consecutive time the country’s inflation decreased.

Speaking during a Channels Television interview on Monday, Johnson Chukwu, the Managing Director of Cowry Asset Management, noted that the effect of the recent petrol price adjustments would be felt in the coming months.

The Central Bank last on month, the Nigeria Monetary Policy Committee meeting had continued to raise the interest rate. The latest was in July when the rate to 26.75 percent.

Meanwhile, Nigerians have continued to lament the increase in the prices of goods and services.