Nigeria’s inflation rate decreased to 32.15% in August 2024, down from 33.40% in July, according to the latest Consumer Price Index (CPI) and inflation data released by the National Bureau of Statistics (NBS).
The report shows a 1.25% drop in the country's headline inflation between July and August. Food inflation also saw a decline, falling to 37.52% in August from 39.53% the previous month. This marks the second consecutive month of declining inflation in Nigeria, despite the recent hike in fuel pump prices.
During an interview on Channels Television, Johnson Chukwu, Managing Director of Cowry Asset Management, noted that the full impact of the fuel price increase would likely be seen in the coming months.
In response to inflationary pressures, the Central Bank of Nigeria's Monetary Policy Committee has continued to raise interest rates, with the most recent adjustment in July setting the rate at 26.75%.
Despite these developments, Nigerians continue to express concern over the rising costs of goods and services.
No comments:
Post a Comment