NIGERIA’s INFLATION RATE EASES AGAIN IN AUGUST TO 32.15%
Previous Rate: The rate was 33.40% in July 2024.
2. Food Inflation:
Food Inflation Rate: Recorded at 37.52% in August 2024.
Previous Rate: Was 39.53% in July 2024.
3. Inflation Indicators:
Purpose: Inflation indicators compare the prices of goods and services over a 12-month period.
Note: A decline in inflation rate signifies a slower rate of price increase rather than a reduction in prices.
4. Significance:
Context: The easing of the inflation rate follows a persistent rise over nearly two years.
Implication: Indicates a possible stabilization in the rate at which prices are increasing, though not necessarily a drop in actual prices.
5. Additional Information:
Announcement: The data was released by the National Bureau of Statistics (NBS) on September 16, 2024.
Previous Updates: This marks the first easing in inflation rate in 19 months.
6. Future Updates:
Details: Further details on the inflation data and its implications will be provided later.
Previous Rate: The rate was 33.40% in July 2024.
2. Food Inflation:
Food Inflation Rate: Recorded at 37.52% in August 2024.
Previous Rate: Was 39.53% in July 2024.
3. Inflation Indicators:
Purpose: Inflation indicators compare the prices of goods and services over a 12-month period.
Note: A decline in inflation rate signifies a slower rate of price increase rather than a reduction in prices.
4. Significance:
Context: The easing of the inflation rate follows a persistent rise over nearly two years.
Implication: Indicates a possible stabilization in the rate at which prices are increasing, though not necessarily a drop in actual prices.
5. Additional Information:
Announcement: The data was released by the National Bureau of Statistics (NBS) on September 16, 2024.
Previous Updates: This marks the first easing in inflation rate in 19 months.
6. Future Updates:
Details: Further details on the inflation data and its implications will be provided later.