In August 2024, Nigeria’s headline inflation rate decreased for the second consecutive month from July’2 33.40% to 32.15%.
Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate, National Bureau of Statistics (NBS) says in the CPI and Inflation Report August 2024 released on Monday.
On a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%).
This shows that the headline inflation rate (year-on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023).
Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%).
This means that in Au-gust 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.
NBS report shows that Food & Non-Alcoholic Beverages contributed the most to the headline index with 16.65%.
On a year-on-year basis, August 2024 Urban inflation rate was 34.58%, this was 6.89% points higher compared to the 27.69% recorded in August 2023.
On a month-on-month basis, the Urban inflation rate was 2.39% in August 2024, this was 0.07% points lower compared to July 2024 (2.46%). The corresponding twelve-month average for the Urban inflation rate was 33.44% in August 2024. This was 9.98% points higher compared to the 23.46% reported in August 2023.
The Rural inflation rate in August 2024 was 29.95% on a year-on-year basis; this was 5.85% higher compared to the 24.10% recorded in August 2023.
On a month-on-month basis, the Rural inflation rate in August 2024 was 2.06%, down by 0.04% points compared to July 2024 (2.10%). The corresponding twelve-months average for the Rural inflation rate in August 2024 was 29.32%. This was 7.93% higher compared to the 21.39% recorded in August 2023.
A quick survey by Investogist in local markets show that prices of goods and services has risen from July figures. Most of the price increase occurred when the NNPC Limited announced an increase in petrol pump prices.
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