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.