Nigeria’s inflation rate dropped to 32.15% in August 2024, down from 33.40% recorded in July, according to the latest Consumer Price Index (CPI) and Inflation Data released by the National Bureau of Statistics (NBS) on Monday.
The data shows a 1.25% decrease in the country’s headline inflation for August, marking the second consecutive decline in inflation despite recent challenges such as the increase in fuel prices.
Food inflation also saw a notable drop, falling to 37.52% in August from 39.53% in July. This decline in food inflation contributed to the overall reduction in headline inflation, providing some relief to Nigerians who have been grappling with high food costs in recent months.
While the drop in inflation is seen as positive, Johnson Chukwu, Managing Director of Cowry Asset Management, noted during an interview on Channels Television that the impact of the recent fuel price hikes is likely to reflect in the coming months, potentially influencing future inflation figures.
Over the past months, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee has continued to raise interest rates in a bid to control inflation, with the most recent hike in July setting the rate at 26.75%.
