Nigeria’s inflation rate has fallen for the second consecutive month, easing to 32.15 percent in August 2024, down from 33.40 percent in July.
This marks a decrease of 1.25 percentage points.
This development was revealed in the latest Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS).
The report highlights that, despite the monthly decline, the year-on-year inflation rate remains significantly higher, with the August 2024 figure standing 6.35 percentage points above the 25.80 percent recorded in August 2023.
On a month-on-month basis, inflation in August 2024 stood at 2.22 percent, slightly lower than the 2.28 percent recorded in July, indicating a slower rise in average price levels compared to the previous month.
