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The National Bureau of Statistics (NBS) announced on September 16 that Nigeria’s inflation rate declined to 32.15% in August 2024, marking the second consecutive decrease this year.
In spite of the slight drop, experts warn that the economic situation remains challenging for citizens as the cost of essential goods continues to strain households.
Food inflation, although down to 37.52%, remains significantly high due to rising prices of staples such as bread, maize, yams, and vegetable oil.
The NBS report indicated that the consumer price index (CPI) for August was 2.22% lower than the July rate.
“This shows that the rate of increase in the average price level is lower than the previous month, but it still reflects the pressures of an inflationary economy,” the report noted.
However, this slight improvement does not mask the long-term economic struggles Nigerians face, with many struggling to afford basic necessities.
Given the ongoing economic hardship, there are growing concerns that if the government does not implement swift corrective measures, crime rates and social unrest could rise.
“When people are no longer able to provide for their families, it creates fertile ground for problems,” warned economic analyst John Okoro.
The government is urged to introduce more effective strategies to control inflation, stabilize prices, and ease the burden on citizens before the situation escalates further.
