The country’s inflation rate reduced from 33.40 % in July 2024 to 32.15% in August 2024, the National Bureau of Statistics (NBS) said on Monday, September 16.
In its document titled: “CPI August 2024,” NBS said the inflation rate declined by 1.25% point.
Though, on a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%).
The document said: “In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%.
“Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate.”
NBS said, however, on a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%).
The document said this shows that the headline inflation rate (year-on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023).
It further said on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%).
The report said this means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.
NBS said the percentage change in the average CPI for the twelve months ending August 2024 over the average of the CPI for the previous twelve-month period was 31.26%, showing 8.88% increase compared to 22.38% recorded in August 2023.
On urban inflation, NBS said on a year-on-year basis, August 2024 Urban inflation rate was 34.58%, this was 6.89% points higher compared to the 27.69% recorded in August 2023.
It also said on a month-on-month basis, the urban inflation rate was 2.39% in August 2024, this was 0.07% points lower compared to July 2024 (2.46%). The document said the corresponding twelve-month average for the urban inflation rate was 33.44% in August 2024.
NBS said this was 9.98% points higher compared to the 23.46% reported in August 2023.
The Rural inflation rate in August 2024 was 29.95% on a year-on-year basis; this was 5.85% higher compared to the 24.10% recorded in August 2023.
On a month-on-month basis, said NBS, the “rural inflation rate in August 2024 was 2.06%, down by 0.04% points compared to July 2024 (2.10%).
“The corresponding twelve-month average for the rural inflation rate in August 2024 was 29.32%.
“This was 7.93% higher compared to the 21.39% recorded in August 2023.”
