Nigeria’s inflation rate eased for the fifth consecutive month in August, falling to 20.12 per cent from 21.88 per cent in July, according to new data from the National Bureau of Statistics (NBS).
The 1.76 percentage-point decline extends a downward trend that began in April, when inflation peaked at 23.71 per cent, raising cautious optimism about stabilisation in the economy.
On a month-to-month basis, the headline index stood at 0.74 per cent in August, marking a slower pace of increase compared to July.
Despite the overall easing, the report flagged food inflation as a persistent threat, climbing 1.65 per cent month-on-month, with rising costs of staples keeping pressure on household budgets.
Analysts say the trend points to progress in taming inflationary pressures but warn that food price volatility remains a critical challenge.
The NBS Consumer Price Index (CPI) stressed that food inflation continues to drive overall price levels, limiting the extent of relief for ordinary Nigerians.
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