Nigeria's August 2024 inflation rate fell to 32.15%, marking a second consecutive monthly decline.

Nigeria's inflation rate fell to 32.15% in August 2024, down from 33.40% in July, marking a second consecutive monthly decline, according to the National Bureau of Statistics. Food inflation also decreased from 39.53% to 37.52%. While the slowdown is welcome, it does not indicate lower prices, and rising fuel costs could exert future inflationary pressure. The Central Bank may maintain interest rates amid ongoing economic challenges faced by Nigerians.

September 16, 2024
47 Articles