Food inflation reached 37.52% year-on-year in August 2024, an 8.18 percentage point increase from 29.34% in August 2023. Month-on-month, food inflation was recorded at 2.37%, down marginally by 0.10 percentage points from July’s 2.47%.
The average annual food inflation for the twelve months ending in August 2024 stood at 36.99%, representing a significant 11.98 percentage point increase compared to the 25.01% average recorded in August 2023.
Core Inflation Climbs to 27.58%
Core inflation, which excludes volatile items like agricultural products and energy, rose to 27.58% year-on-year in August 2024, a 6.43 percentage point increase from 21.15% in August 2023. Month-on-month, core inflation stood at 2.27%, slightly higher than July’s 2.16%.
The NBS report noted that the highest price increases were seen in housing rents, intracity bus and motorcycle fares, medical services, and accommodation services.
The average annual core inflation rate for the twelve months ending in August 2024 was 25.18%, up by 6 percentage points from 19.18% in August 2023.
Urban and Rural Inflation Trends
Urban inflation in August 2024 reached 34.58% year-on-year, up by 6.89 percentage points from 27.69% in August 2023. Month-on-month, urban inflation stood at 2.39%, slightly down from July’s 2.46%.
In rural areas, inflation was recorded at 29.95% year-on-year in August 2024, an increase of 5.85 percentage points from 24.10% in August 2023. Month-on-month, rural inflation decreased slightly to 2.06%, compared to 2.10% in July 2024.
This CPI report provides insight into the ongoing inflationary trends in Nigeria, highlighting the challenges of rising consumer prices, especially in essential goods like food, housing, and transportation.
