Nigeria’s inflation rate drops to 32.15%

The National Bureau of Statistics (NBS) said on Monday that the country’s unemployment rate fell to 32.15% in August.

This figure is lower than 33.40% in July.

According to the Consumer Price Index (CPI) report released by the Bureau, food inflation reached 37.52% in the same month.

NBS said: “Looking at the movement, the headline inflation rate in August 2024 showed a decrease of 1.25 percentage points when compared with the headline inflation rate in July 2024.

“However, on an annual basis, the general inflation rate was 6.35% points higher compared to the inflation rate recorded in August 2023 (25.80%).

“On a monthly basis, the general inflation rate in August 2024 was 2.22%, 0.06% lower than the general inflation rate in August 2024 (2.28%). This means that in August 2024, the average price increase rate was lower than the average price increase rate in July 2024.”

READ ALSO:Nigeria GDP rises 3.19% in Q2 2024 – NBS

The institution revealed that food inflation last month on an annual basis reached 37.52%, 8.18% points higher than the August 2023 inflation of 29.34%.

He said that the annual increase in food inflation was caused by increases in the prices of bread, corn, grains, pearl corn, bread, cereal yams, Irish potatoes, water yams, cassava tubers, palm oil and vegetable oil, among others.

On a monthly basis, the rate of food inflation in August was 2.37%, indicating a decrease of 0.10% compared to the rate recorded in July (2.47%).

The NBS said the decline was due to lower average prices of tobacco, tea, cocoa, coffee, groundnut oil, milk, yams, Irish potatoes, water yams, cassava tubers, palm oil and vegetables.

In August, the highest year-on-year food inflation was recorded in Sokoto (46.98%), Gombe (43.25%), and Yobe (43.21%) while Benue (32.33%), Rivers (33.01%), and Bayelsa (33.36%), recorded the slowest increases in food inflation.

However, on a monthly basis, the highest food inflation in August 2024 occurred in Adamawa (5.46%), Kebbi (4.48%), and Borno (3.88%), while Ogun (0.08%), Akwa-Ibom (0.45%) and Sokoto (1.00%) recorded the slowest increases during the period.

By: Babajide Okeowo

Nigeria inflation rate drops to 32.15% first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.