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The Bureau's Consumer Price Index report indicates that the headline inflation rate fell to 32.15% in August 2024, while food inflation reached 37.52% for the same month. The NBS noted that the August 2024 headline inflation rate decreased by 1.25 percentage points compared to July 2024.
However, when viewed on a year-on-year basis, the headline inflation rate was 6.35 percentage points higher than the 25.80% recorded in August 2023.
Month-on-month, the headline inflation rate for August 2024 was 2.22%, slightly lower than the 2.28% recorded in July 2024, indicating a slower increase in average price levels.
The NBS also reported that the food inflation rate for August 2024 was 37.52% year-on-year, an increase of 8.18 percentage points from the 29.34% noted in August 2023.
This rise in food inflation was attributed to price increases in various items, including bread, maize, grains, guinea corn, cereals, yam, Irish potatoes, water yam, cassava tuber, palm oil, and vegetable oil.
On a month-on-month basis, food inflation in August 2024 was recorded at 2.37%, reflecting a 0.10% decrease from the 2.47% seen in July 2024.
The NBS attributed this decline to a reduced rate of price increases for items such as tobacco, tea, cocoa, coffee, groundnut oil, milk, yam, Irish potatoes, water yam, cassava tuber, palm oil, and vegetables.
In August 2024, the highest Year-on-Year food inflation rates were observed in Sokoto (46.98%), Gombe (43.25%), and Yobe (43.21%). Conversely, Benue (32.33%), Rivers (33.01%), and Bayelsa (33.36%) experienced the lowest increases in food inflation on a Year-on-Year basis.
On a Month-on-Month basis, the most significant food inflation was recorded in Adamawa (5.46%), Kebbi (4.48%), and Borno (3.88%), while Ogun (0.08%), Akwa-Ibom (0.45%), and Sokoto (1.00%) saw the smallest increases in food inflation for that month.