The National Bureau of Statistics (NBS) Consumer Price Index report declared that headline inflation rate dropped by 125bps to eased to 32.15% in August 2024 compared to the July 2024 headline inflation rate of 33.40% and recording the second consecutive month of slowdown.
Food inflation moderated by 201bps to 37.52% y/y compared to 39.53% y/y in July The slowdown can be attributed to the decline in the rate of increase in the average prices of Tobacco, Tea, Cocoa, Coffee, Groundnut Oil, Milk, Yam, Irish Potatoes, Water Yam, Cassava Tuber, Palm Oil, and Vegetable. Thus, on a month-on-month basis, food inflation settled at 2.37%, relative to the 2.47% m/m recorded in July.
Elsewhere, core inflation (All items less farm produce and energy) rose by 12bps to 27.58% y/y compared to Julys 27.47% y/y)
The highest increases were recorded in prices of the following items, Rents (Actual and Imputed Rentals for Housing Class), Bus Journey intercity, Journey by motorcycle, etc (under Passenger Transport by Road Class), and Accommodation Service, Laboratory service, X-ray photography, Consultation Fee of a medical doctor (under Medical Services Class). Similarly, the core index increased by 11bps to 2.27% m/m in July compared to the previous month 2.16% m/m.
In August 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (46.98%), Gombe (43.25%), and Yobe (43.21%) while Benue (32.33%), Rivers (33.01%) and Bayelsa (33.36%), recorded the slowest rise in Food inflation on Year-on-Year basis.
On a Month-on-Month basis, August 2024 Food inflation was highest in Adamawa (5.46%), Kebbi (4.48%), and Borno (3.88%), while Ogun (0.08%), Akwa-Ibom (0.45%) and Sokoto (1.00%) recorded the slowest rise in Food inflation on Month-on-Month basis.
Similarly, All Items inflation rate on a Year-on-Year basis was highest in Bauchi (46.46%), Kebbi (37.51%) and Jigawa (37.43%), while Benue (25.13%), Delta (26.86%) and Imo (28.05%) recorded the slowest rise in Headline inflation on Year-on-Year basis.
On a Month-on-Month basis, however, August 2024 recorded the highest increases in Kwara (4.45%), Bauchi (4.22%), Adamawa (3.99%), while Ogun (0.21%), Abuja (0.92%) and Kogi (1.14%) recorded the slowest rise on Month-on-Month inflation.
