The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s inflation rate to 32.15% in August, marking the second consecutive decrease in 2024.
According to the NBS Consumer Price Index (CPI) report for August, released Monday, the CPI decreased by 2.22% from 33.4% in July 2024.
The bureau noted that food inflation also declined to 37.52% as prices of major food and non-alcoholic beverages continued to slow.
Additionally, the NBS stated that the August headline inflation rate showed a decrease of 1.25% points compared to July 2024.
This downward trend indicates a potential easing of price pressures in the Nigerian economy.
More to come…
