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Nigeria’s Inflation Rate Decelerates for Second Consecutive Month
Nigeria has recorded a decline in inflation rate for the second straight month, according to statistics released by the National Bureau of Statistics (NBS) on Monday. In August 2024, the headline inflation rate settled at 32.15%, a decrease of 1.25% compared to the July 2024 rate.
The trend is a welcome development as it indicates a slowdown in the rate of price increases. However, food inflation remains a concern, hovering at 37.52% on a year-on-year basis. This surge is attributed to increases in prices of essential items, including bread, maize, grains, guinea corn, and other staples.
On a month-on-month basis, food inflation receded by 0.10% to 2.37% in August 2024, courtesy of a decline in price increases for items like tobacco, tea, and others. The fall in average prices of these items contributes to the overall decrease in food inflation.
Regional disparity persists, with Sokoto, Gombe, and Yobe recording the highest year-on-year rise in food inflation, standing at 46.98%, 43.25%, and 43.21%, respectively. At the same time, states like Benue, Rivers, and Bayelsa recorded the slowest growth in food inflation, settling at 32.33%, 33.01%, and 33.36%, respectively.
Provinces like Adamawa, Kebbi, and Borno witnessed the most significant month-on-month spike in food inflation, climbing to 5.46%, 4.48%, and 3.88%, respectively. Contrariwise, Ogun, Akwa-Ibom, and Sokoto recorded the slowest pace of growth, with levels of 0.08%, 0.45%, and 1.00%, respectively.
Experts will continue to monitor developments in the Nigerian economy closely, hoping that this reduction in inflation rate will trigger a broader slowdown in prices and stimulate economic growth.
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