JUST IN: Inflation Rate Shows Slight Decrease In August 2024, Still Higher Than Last Year

By Onota Oghenevwede

Nigeria’s inflation rate has shown a decline, according to the National Bureau of Statistics (NBS).

The headline inflation rate dropped to 32.15% in August 2024, down from 33.40% in July 2024.

This represents a 1.25% decrease, indicating a slowdown in price increases.

However, compared to August 2023, the inflation rate is still 6.35% higher, showing an annual increase.

On a month-on-month basis, the inflation rate eased to 2.22% in August 2024, down from 2.28% in July 2024.