Nigeria’s inflation rate has decreased for the second consecutive month, from 34.19% in June to 33.40% in July and now 32.15% in August, according to the National Bureau of Statistics (NBS) report just released. That is a decrease of 1.25%. However, the headline inflation rate was 6.35% higher compared to the August 2023 rate of 25.80%, when compared year-on-year.
Food inflation rate in August 2024 was 37.52% on a year-on-year basis, 8.18% higher compared to the August 2023 rate of 29.34%). The rise in food inflation was caused by increases in prices of bread, maize, grains, guinea corn, bread, cereals yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable oil, among others.
On a month-on-month basis, the food inflation rate in August 2024 was 2.37%, a 0.10% decrease compared to the rate recorded in July 2024 (2.47%). The fall could be attributed to the decline in the rate of increase in the average prices of tobacco, tea, coco, coffee, groundnut oil, milk, yam, Irish potatoes, water yam, cassava tuber, palm oil, and vegetables. A decline in the rate of increase does not mean food prices are still not soaring.
Nigerians have been groaning under high inflation since the advent of President Bola Tinubu‘s reforms, but anticipated wage increases and stable petrol prices from the Dangote Refinery may help lessen the sufferings of many Nigerians.
Comment, Like 👍, share this article, and Follow us on our social media handles.
WhatsApp Channel
Telegram Channel
