Nigeria's inflation rate has declined for the second consecutive month, according to the latest data from the National Bureau of Statistics (NBS).
The inflation rate fell to 32.15 percent in August 2024, down from 33.40 percent in July. This marks a 1.25 percent decrease in the country's headline inflation.
The NBS report also highlighted a drop in food inflation, which stood at 37.52 percent in August, compared to 39.53 percent in July.
This decline comes despite a recent hike in fuel pump prices, which many had feared would exacerbate inflationary pressures. Johnson Chukwu, Managing Director of Cowry Asset Management, commented on the situation during an interview with Channels Television. He noted, "The effect of the recent petrol price adjustments will be felt in the coming months."
In an effort to curb inflation, the Central Bank of Nigeria's Monetary Policy Committee has been raising interest rates. The most recent adjustment was in July, when the rate was increased to 26.75 percent. Despite these measures, many Nigerians continue to face rising prices for goods and services.
The ongoing economic challenges have led to widespread public concern and debate about the effectiveness of current policies.
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