BREAKING: Nigeria’s Inflation Falls For Second Time To 32.15%

Nigeria’s inflation rate fell to 32.15 percent in August 2024, down from 33.40 percent in July. This information comes from the latest Consumer Price Index and Inflation Data released by the National Bureau of Statistics (NBS) on Monday.

The data reveals that headline inflation decreased by 1.25 percent in August compared to July’s 33.40 percent. Food inflation also dropped to 37.52 percent in August, down from 39.53 percent in July.

This marks the second consecutive month of declining inflation in the country, despite recent increases in fuel prices.

During an interview on Channels Television, Johnson Chukwu, Managing Director of Cowry Asset Management, mentioned that the impact of the recent petrol price hikes would become more apparent in the coming months.

Additionally, the Central Bank of Nigeria’s Monetary Policy Committee has continued to raise interest rates, with the latest increase to 26.75 percent occurring in July. Meanwhile, Nigerians are still expressing frustration over rising prices for goods and services.

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