Relief as Nigeria’s inflation rate declines

The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate has declined to 32.15 percent in August 2024, from 33.40 percent in July.

The data released on Monday revealed that the nation’s headline inflation cooled off by 1.25 percent in August compared to the 33.40 percent recorded in July.

Similarly, the report showed that food inflation stood at 37.52 percent in August 2024, from 39.53 percent in July.

According to NBS data, this is the second consecutive time the country’s inflation decreased.

The inflation decline comes despite the recent fuel pump price hike.

Speaking during a Channels Television interview on Monday, Johnson Chukwu, the Managing Director of Cowry Asset Management, noted that the effect of the recent petrol price adjustments would be felt in the coming months.

In the past months the Central Bank of Nigeria Monetary Policy Committee meeting had continued to raise the interest rate. The latest was in July when the rate to 26.75 percent.

Meanwhile, Nigerians have continued to lament the increase in the prices of goods and services.