Nigeria’s inflation rate declined to 32.15% in August 2024, down from 33.40% recorded in July, according to the latest Consumer Price Index and Inflation Data released by the National Bureau of Statistics (NBS) on Monday.
This marks a 1.25% decrease in the country’s headline inflation, marking the second consecutive drop.
Food inflation also saw a decrease, standing at 37.52% in August, compared to 39.53% in July. Despite the recent increase in fuel pump prices, the NBS report indicated that the inflation decline persisted, although experts warn that the effects of the petrol price hike will become evident in the coming months.
The Managing Director of Cowry Asset Management, Johnson Chukwu emphasized during a Channels Television interview on Monday that while inflation has cooled, the impact of fuel price adjustments could still affect future inflation figures.
In response to rising inflation in recent months, the Central Bank of Nigeria’s Monetary Policy Committee has continued to raise the interest rate, with the most recent increase in July pushing it to 26.75%.
However, many Nigerians have continued to express concerns over the rising costs of goods and services.
