By Obinna Uballa
Nigeria’s inflation rate eased for the fifth consecutive month in August, dropping to 20.12 per cent from 21.88 per cent in July, according to new figures released Monday by the National Bureau of Statistics (NBS).
The moderation represents a 1.76 percentage point decline from July’s rate and continues a downward trend that began in April, when inflation stood at 23.71 per cent.
On a month-on-month basis, headline inflation slowed to 0.74 per cent in August, reflecting further easing compared to recent months.
Despite the improvement in the headline index, food inflation remained elevated, rising by 1.65 per cent on a month-on-month basis, highlighting persistent pressure on the prices of staple goods.
The NBS August Consumer Price Index (CPI) report indicates that while overall inflation is easing, households continue to feel the impact of rising food costs, the single largest driver of Nigeria’s inflation basket.
