Nigeria’s Headline Inflation Eases to 32.15% in August 2024 but Remains High YoY
Nigeria’s headline inflation in August 2024 eased to 32.15%, down from 33.40% recorded in July 2024, according to the National Bureau of Statistics (NBS). Looking at the movement, the August 2024 headline inflation rate decreased by 1.25% compared to July 2024. Despite this slight relief, inflation remains significantly higher on a year-on-year (YoY) basis, up by 6.35% compared to August 2023’s rate of 25.80%. This indicates that, although inflation eased in the short term, the overall price levels are rising considerably compared to the previous year.
On a month-on-month (MoM) basis, the headline inflation rate in August 2024 was 2.22%, representing a marginal decrease of 0.06% points in July 2024. This suggests that the rate of price increases slowed slightly during the month.
Food inflation in August 2024 rose to 37.52% on a (YoY) basis, 8.18% higher than the 29.34% recorded in August 2023. This increase was primarily driven by rising prices of essential food items, including bread, maize grains, yam, cassava tuber, palm oil, and popular beverages like Ovaltine, Milo, and Lipton.
Core inflation, excluding volatile items like food and energy, stood at 27.58% (YoY) in August 2024, marking an increase of 6.43% compared to the 21.15% rate in August 2023. Analysts believe this increase underscores the sustained inflationary pressures affecting various economic sectors.
