Nigeria's Inflation Drops to 15.39% in August

In August, Nigeria's inflation rate fell to 15.39%, down from 15.43% in July, according to the National Bureau of Statistics. Monthly headline inflation showed a sharper decline, dropping to 0.71% from 1.57% in July.

Core inflation, which excludes volatile agricultural and energy prices, decreased to 13.29% year-on-year from 14.97% in July, with a month-on-month core inflation rate of -0.06%. Food inflation also saw a significant reversal, with annual food inflation declining to 19.57% from 20.31%, and the monthly rate plunging to 1.02% from 5.56%.

This decline in food inflation is crucial as it follows a sharp increase in July, which had threatened the broader disinflation trend. The Central Bank of Nigeria's Monetary Policy Committee is scheduled to meet on September 21-22, where these developments will be pivotal in determining the balance between combating inflation and maintaining tight monetary conditions.