The National Bureau of Statistics (NBS) reports that Nigeria’s HEADLINE INFLATION RATE decreased to 32.15% in August 2024, down from 33.40% in July 2024. This represents a reduction of 1.25 percentage points from the previous month.
However, on a YEAR-ON-YEAR BASIS, the HEADLINE INFLATION RATE in August 2024 was 6.35 percentage points higher compared to August 2023, which saw a rate of 25.80%. This indicates a significant increase compared to the same month last year.
On a MONTH-ON-MONTH BASIS, the INFLATION RATE was 2.22% in August, reflecting a slight decrease of 0.06 percentage points from the 2.28% recorded in July 2024. The 12-MONTH AVERAGE CONSUMER PRICE INDEX (CPI) increased by 31.26%, an 8.88 percentage point rise from 22.38% in August 2023.
URBAN AND RURAL INFLATION
For URBAN AREAS, the INFLATION RATE in August 2024 was 34.58%, up by 6.89 percentage points from 27.69% in August 2023. The MONTH-ON-MONTH URBAN INFLATION RATE was 2.39%, down by 0.07 percentage points from July 2024. The 12-MONTH AVERAGE URBAN INFLATION RATE was 33.44%, showing a 9.98 percentage point increase from 23.46% in August 2023.
In RURAL AREAS, the INFLATION RATE was 29.95% YEAR-ON-YEAR, up by 5.85 percentage points from 24.10% in August 2023. The MONTH-ON-MONTH RURAL INFLATION RATE was 2.06%, a decrease of 0.04 percentage points from July 2024. The 12-MONTH AVERAGE RURAL INFLATION RATE was 29.32%, up 7.93 percentage points from 21.39% in August 2023.
FOOD INFLATION
The FOOD INFLATION RATE in August 2024 was 37.52% on a YEAR-ON-YEAR BASIS, an increase of 8.18 percentage points from 29.34% in August 2023. This rise is attributed to higher prices of items such as bread, maize, yam, potatoes, palm oil, and other food products.
On a MONTH-ON-MONTH BASIS, the FOOD INFLATION RATE was 2.37%, reflecting a decrease of 0.10 percentage points from 2.47% in July 2024. This decline is linked to reduced price increases for items like tobacco, tea, coffee, and various food staples.
The AVERAGE ANNUAL RATE OF FOOD INFLATION for the 12 months ending August 2024 was 36.99%, an 11.98 percentage point increase from 25.01% in August 2023.
STATE-BY-STATE ANALYSIS
On a STATE-BY-STATE BASIS, the highest YEAR-ON-YEAR INFLATION RATES in August were recorded in Bauchi (46.46%), Kebbi (37.51%), and Jigawa (37.43%). In contrast, Benue (25.13%), Delta (26.86%), and Imo (28.05%) saw the slowest rises in HEADLINE INFLATION.