Nigeria’s inflation rate slowed for the second consecutive month in August, dropping to 32.15 percent. This is a 1.25 percentage point decrease from July’s 33.4 percent, according to the National Bureau of Statistics.
The report, released Monday, shows a slower increase in prices compared to previous months. President Bola Tinubu’s economic reforms, including removing a longstanding fuel subsidy and devaluing the naira, have contributed to rising costs. These measures aim to stabilize the economy and strengthen public finances, but they have also exacerbated the cost-of-living crisis.
On a year-over-year basis, inflation was 6.35 percentage points higher than the 25.8 percent recorded in August 2023, reflecting a significant price surge over the past year. Month-to-month inflation also eased slightly, standing at 2.22 percent in August, down from 2.28 percent in July.
Food inflation, a major contributor, eased to 37.52 percent in August from 39.53 percent in July. The Central Bank of Nigeria has raised interest rates four times this year to bring down inflation, yet citizens continue to feel the impact of rising living costs as the country grapples with its worst cost-of-living crisis in decades.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
