For the second month in a row, Nigeria’s inflation rate has continued to decrease, with the National Bureau of Statistics reporting a drop from 33.40 percent in July 2024 to 32.15 percent in August.
The latest report on Consumer Price Index and Inflation Data released on Monday by the NBS confirmed the 1.25 percent decrease in headline inflation for August compared to July’s 33.40 percent. Food inflation also decreased from 39.53 percent in July to 37.52 percent in August.
This marks the second consecutive decrease in inflation in Nigeria, despite the recent fuel price hike. Johnson Chukwu, the Managing Director of Cowry Asset Management, noted during a Channels Television interview on Monday that the impact of the 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 to check rising ingkat. 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
