BREAKING: Nigeria’s Inflation Rate Drops To 32.15% –

BREAKING: Nigeria’s Inflation Rate Drops To 32.15%

The National Bureau of Statistics (NBS) says Nigeria’s inflation rate declined to 32.15 percent in August.

This is the second consecutive decline recorded in 2024.

The data is captured in the NBS consumer price index (CPI) report for August, released on Monday.

The NBS said the CPI, which measures the rate of change in prices of goods and services, declined by 2.22 percent compared to the 33.4 percent recorded in July 2024.

According to the bureau, food inflation also dropped to 37.52 percent in the month under review as prices of major food and non-alcoholic beverages continued to slow down.

NBS also said the headline inflation rate in August showed a decrease of “1.25% points when compared to the July 2024 headline inflation rate”.