Nigeria’s Headline Inflation Rate Falls to 20.12% in August

Nigeria’s Headline Inflation Rate Falls to 20.12% in August

Nigeria’s headline inflation rate fell to 20.12% year on year, according to detailed information from the consumer price index (CPI) report released by the National Bureau of Statistics (NBS).

Based on the CPI data, inflation slowed by 176 basis points to 20.12% year on year in August from 21.88% previously reported in the corresponding period.On a month-on-month basis, consumer prices slowed by 125 bps to 0.74% from 1.99% in July, NBS reported

Food inflation decreased by 87 bps to 21.87% year on year in August from 22.74% posted in July. On a month-on-month basis, food inflation slowed by 147 bps to 1.65%.

The reduction in food inflation was attributed to the rate of decrease in the average prices of Rice (Imported), Rice (local), Guinea corn flour, Maize flour sold loose, Guinea Corn (Sorghum), Millet, Semolina, Soya milk, etc.

Elsewhere, core inflation (all items excluding farm produce and energy) eased by 100 bps to 20.33% in August versus 21.33% in the corresponding period in 2024.

However, on a month-on-month basis, the core index inched higher by 46 bps to 1.43% in August as against 0.97% in July. # Headline Inflation Rate Falls to 20.12% in August

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