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.
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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.
