Nigeria’s annual inflation rate eased again in August after a persistent rise in nearly two years.
Inflation rate eased further to 32.15 per cent in August relative to the July headline inflation rate of 33.40 per cent, the National Bureau of Statistics (NBS) announced Monday.
Inflation indicators compare prices of goods and services in 12 months. A decline does not necessarily imply a reduction in prices; instead, it shows the rate of price increase had fallen compared to previous months.
According to the NBS, the August 2024 headline inflation rate showed a decrease of 1.25 per cent points when compared to the July 2024 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 6.35 per cent points higher compared to the rate recorded in August 2023 (25.80 per cent).
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