Nigeria’s inflation rate has slowed for the second consecutive month, driven by a decline in food prices during the harvest season.
According to the Nigerian Bureau of Statistics (NBS), headline inflation for August dropped to 32.15%, down from 33.40% recorded in July. Similarly, food inflation eased to 37.52%, compared to 39.53% in the previous month.
Despite this positive trend, the inflation rate remains well above the Central Bank of Nigeria’s (CBN) target of 21%. The latest figures may influence the CBN’s decision to maintain current interest rates at the upcoming Monetary Policy Committee meeting on September 23. In June, the MPC raised borrowing rates to 26.25%.
