Graph showing Nigeria’s inflation rate decreasing for the second consecutive month, indicating economic stabilization.
Nigeria’s inflation rate eased for the second consecutive month in August, dropping to 32.15% from 33.40% in July, according to the National Bureau of Statistics (NBS). Despite the slight decrease, the year-on-year inflation rate remains significantly higher, up by 6.35 percentage points from 25.80% in August 2023. On a monthly basis, the inflation rate stood at 2.22%, down from July’s 2.28%. Meanwhile, food inflation hit 37.52% year-on-year in August, an 8.18 percentage point increase from August 2023. Core inflation, which excludes volatile items like agriculture products and energy, reached 27.58%, driven by rising costs in rents, transportation, and medical services. Urban inflation was 34.58% year-on-year, while rural inflation stood at 29.95%. Despite the slowing trend, inflation remains a concern for Nigeria’s economy.
SOURCE: NAIRAMETRICS