Despite steady rise in commodity prices across the country, the National Bureau of Statistics (NBS) has said that headline inflation rate further eased to 32.15 per cent in August 2024 relative to the July 2024 headline inflation rate of 33.40 per cent.
The August 2024 headline inflation rate showed a decrease of 1.25 per cent points when compared to the July 2024 headline inflation rate at a time the country grapples with high cost of food items, fluctuation in exchange rate and shortage to the food supply chain occasioned by insecurity.
However, 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).
“This shows that the headline inflation rate (year on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023)” the statistics bureau said in a report released on Monday.
According to the NBS, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22 per cent, which was 0.06% lower than the rate recorded in August 2024 (2.28 per cent).
“This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024,” NBS said, making nonsense of the current high cost of living in Nigeria, driven by over 354 per cent increase in gasoline.