By Abiola Olawale
The National Bureau of Statistics (NBS) has reported a consecutive decline in Nigeria’s inflation rate over the past two months.
According to a report released by the NBS, the inflation rate in August stood at 32.15%, a decline from 33.40% recorded in July and 34.19% recorded in June.
In the Consumer Price Index report, food inflation stood at 37.52% in the month under review.
The NBS, in the report, also explained that on a year-on-year basis, the inflation rate in August 2024 was 8.18% points higher compared to the rate recorded in August 2023, 29.34%.
It said the rise in food inflation on a year-on-year basis was caused by increases in prices of items such as bread, maize, grains, guinea corn, bread, cereals yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable oil, among others.
Meanwhile, on a month-on-month basis, the food inflation rate in August 2024 was 2.37%, which showed a 0.10% decrease compared to the rate recorded in July 2024 (2.47%).
The NBS said the fall could be attributed to the decline in the rate of increase in the average prices of Tobacco, Tea, Coco, Coffee, Groundnut Oil, Milk, Yam, Irish Potatoes, Water Yam, Cassava Tuber, Palm Oil, Vegetable etc.
The report reads in part: “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.
“However, 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%).
“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 August 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.”
On a Month -on-Month basis, however, August 2024 Food inflation was highest 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 rise in Food inflation on Month-on-Month basis.
