NIGERIA’s headline inflation dropped further to 32.15 per cent in August for the second consecutive time.

The National Bureau of Statistics (NBS) disclosed this in its monthly Consumer Price Index report released on Monday, September 16.

It showed that headline inflation decreased by 1.25 per cent points when compared to the 33.40 per cent rate reported in  July.

Compared on a year-on-year basis, the headline inflation rate was 6.35 per cent points higher compared to the 25.80 per cent rate recorded in August 2023.

The food inflation rate rose to 37.52 per cent, representing 8.18 per cent points higher compared to the 29.34 per cent rate recorded in August 2023.

According to the NBS, the rise in the food inflation was caused by increases in prices of bread, maize, grains, guinea corn, yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable, and Ovaltine, milo, Lipton.

Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.58 per cent in August up by 6.43 per cent when compared to the 21.15 per cent recorded in August 2023.

The NBS data shows that the highest increases in core inflation were recorded in price of rents, bus journey intercity, journeys by motorcycle, accommodation service, laboratory service, X-ray photography, and consultation fee of a medical doctor.

“In analysing price movements under this section, it should be noted that CPI is weighted by consumption expenditure patterns which differ across States and locations.

“Accordingly, the weight assigned to a particular Food or Non-Food item may differ from State to State making interstate comparisons of consumption basket inadvisable and potentially misleading,” the NBS stated.

Headline inflation was highest in Bauchi at 46.46 per cent, Kebbi at 37.51 per cent, and Jigawa at 37.43 per cent while food inflation was highest in Sokoto at 46.98 per cent, Gombe at 43.25 per cent, and Yobe at 43.21 per cent.