For the second time in two years, inflation rate has dwindled again to 32.15 per cent in August 2024. The first time, was in July 2024, when inflation figure declined to 33.40 per cent from an Olympian height of 33.95 per cent in May 2024.
The August figure obtained from the National Bureau of Statistics (NBS) website, today, also said that food inflation on a month-on-month basis, in August 2024 was 2.37 per cent which shows a 0.10 per cent decrease compared to the rate recorded in July 2024 (2.47 per cent).
The fall, according to the bureau, can be attributed to the decline in the average prices of tobacco, tea, coco, coffee, groundnut oil, milk, yam, irish potatoes, water yam, cassava tuber, palm oil, vegetable etc.
However, looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25 per cent points when compared to the July 2024 headline inflation rate.
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).
Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22 per cent, which was 0.06 per cent lower than the rate recorded in August 2024 (2.28 per cent).
“This means that in Au gust 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
Explaining further, the bureau said that on a year-on-year basis, August 2024 urban inflation rate was 34.58 per cent; this was 6.89 per cent points higher compared to the 27.69 per cent recorded in August 2023.
Also, on a month-on-month basis, the urban inflation rate was 2.39 per cent in August 2024; this was 0.07 per cent points lower compared to July 2024 (2.46 per cent).
“The corresponding twelve-month average for the urban inflation rate was 33.44 per cent in August 2024. This was 9.98 per cent points higher compared to the 23.46 per cent reported in August 2023” it said.
As for rural inflation, NBS said that the rate in August 2024 was 29.95 per cent on a year-on-year basis and this was 5.85 per cent higher compared to the 24.10 per cent recorded in August 2023.
“On a month-on-month basis, the rural inflation rate in August 2024 was 2.06 per cent, down by 0.04 per cent points compared to July 2024 (2.10 per cent). The corresponding twelve-months average for the rural inflation rate in August 2024 was 29.32 per cent. This was 7.93 per cent higher compared to the 21.39 per cent recorded in August 2023” it said ENDS
