Nigeria inflation cools in August, but analysts warn dip could be short-lived --[Reported by Umva mag]

• Nigeria’s headline inflation dropped to 32.15 per cent from 33.40 per cent in July.
• This marks a slight respite for Africa’s most populous nation, which has been battling relentless inflationary pressures for well over a year.
• But the long-term outlook remains uncertain, as analysts warn that this reprieve could be short-lived.

Nigeria inflation cooled in August 2024, largely due to improved food supply driven by favorable weather conditions. According to the National Bureau of Statistics (NBS) update on Monday, the country’s headline inflation dropped to 32.15 per cent from 33.40 per cent in July. This marks a slight respite for Africa’s most populous nation, which has been battling relentless inflationary pressures for well over a year.

The relief in inflation was largely tied to falling food prices. As the harvest brought in abundant supplies of tomatoes, peppers, yams, and other staple foods, food inflation, a key driver of the overall …

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