NBS inflation figure raises Doubts as Nigerians raise alarm

32.15% in August is trending because according to NBS, Nigeria’s inflation reduced last month despite the petrol crunch and dollar nearly peaking at ₦1,700.

The National Bureau of Statistics published that, inflation for August is 32.15%, which is lower compared to 34.19% in June and 33.40% in July, at 1.25% difference.

Although higher when compared to 2023. In August 2023, it was 25.80%, at 6.25%.

While food inflation for August was 37.52% which is 8.18% higher compared to August 2023 (29.34%).

Nigerians somehow believe these figures are unrealistic.

 

READ ALSO :No Valid Leadership In Labour Party (LP), Abure’s Tenure Over — INEC Tells Court

 

Because it doesn’t reflect what they experience in the markets. And with fuel officially increasing twice in September, they are wondering what NBS will release for September.

However, 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.

NBS

About Author

Leave a Reply

Your email address will not be published. Required fields are marked *