Data Shows 10 Nigerian States With Cheapest, Highest Food Prices as Inflation Slows

• The National Bureau of Statistics (NBS) has pegged Nigeria’s headline inflation for August at 32.15% 
• The development provides relief to many Nigerians who have battled a rise in food and other items
• The NBS report showed Nigerian states with the highest and cheapest food prices in the period under review

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate dropped to 32.15% in August compared to the July record of 33.40%.

The development provides relief to Nigerians as experts predict that the Central Bank of Nigeria may hold back from raising interest rates again.

Inflation drops by 1.25% in August

According to the NBS report, the August headline inflation reflected a decrease of 1.25% points relative to the July rate.

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Yearly, NBS says, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 at 25.80%.

Per the report, The All Items Inflation rate in August 2024 was highest in Bauchi at 46.46%, followed by Kebbi at 37.51%, and Jigawa at 37.43%, while Benue, Delta, and Imo states recorded the slowest rise in headline inflation in the period under review.

States with the highest inflation in August

Monthly Inflation was highest in Kwara at 4.45%, Bauchi at 4.22%, and Adamawa at 3.99%, while Ogun, Abuja and Kogi experienced the slowest increase in monthly inflation.

However, Food inflation was highest in Sokoto state in August at 46.98%, Gombe at 43.25%, and Yobe at 43.21%, while Benue, Rivers, and Bayelsa recorded the slowest rise in food inflation every year.

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Monthly, August food inflation was highest in Adamawa at 5.46%, Kebbi at 4.48%, and Borno at 3.88%, while Ogun, Akwa Ibom, and Sokoto recorded the slowest increase in food inflation monthly.

Analysts predict a further drop in inflation

Analysts have said that the NBS report will affect CBN’s action against interest rates, which the apex bank has continued to increase since June this year to tame the country’s raging inflation.

Uzoma Onyekwere, a financial and data analyst, said that the August headline inflation is encouraging, as the Nigerian government has taken measures to cushion the high standard of living.

“What I see is that some policies of the government, such as granting duty-free windows for importers to bring in food items, may have affected the report. I foresee a further drop in inflation as the window is extended through December this year,” he said.

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Legit.ng earlier reported that The National Bureau of Statistics (NBS) has revealed that Nigeria's inflation rate declined in July 2024.

The bureau disclosed this in its latest Consumer Price Index (CPI) data, which showed a downward trend in the inflation rate for the first time in 19 months.

Inflation is a decrease in the purchasing power of money, reflected in a general increase in the prices of goods and services in an economy.

Source: Legit.ng