Inflation drops to 32% despite petrol price hike — NBS

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Nigeria’s inflation rate fell to 32.15% in August 2024, marking a 1.25% drop from July’s 33.40%. However, the rate remains significantly higher than the 25.80% recorded in August 2023, showing a year-on-year increase of 6.35%.

The month-to-month inflation rate also declined slightly to 2.22% from 2.28% in July, indicating a slower pace of price increases.

Despite the overall decrease, inflationary pressures persist, particularly in the cost of food, housing, transportation, and utilities.

Food inflation surged to 37.52% year-on-year, driven by rising prices of staples such as bread and vegetable oils.

On a month-to-month basis, food inflation stood at 2.37%. Core inflation, which excludes food and energy, reached 27.58% year-on-year.

Regionally, urban inflation hit 34.58%, while rural inflation reached 29.95%. Bauchi had the highest inflation rate at 46.46%, while Benue recorded the lowest at 25.13%. The report highlights the ongoing economic challenges, particularly the sharp rise in food prices across several states.

PUNCH

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