Nigeria: Again Nigeria's Inflation Rate Eases in August

16 September 2024
Premium Times (Abuja)
By Mary Izuaka

According to the NBS, food inflation was 37.52 per cent in August 2024 as against 39. 53 per cent recorded in July.

Nigeria's annual inflation rate eased again in August after a persistent rise in nearly two years.

Inflation rate eased further to 32.15 per cent in August 2024 relative to the July 2024 headline inflation rate of 33.40 per cent, the National Bureau of Statistics (NBS) announced Monday.

Inflation indicators compare prices of goods and services in 12 months. A decline does not necessarily imply a reduction in prices; instead, it shows the rate of price increase had fallen compared to previous months.

According to the NBS food inflation was 37.52 per cent in August 2024 as against 39. 53 per cent recorded in July.

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