The Presidency says Nigeria’s inflation rate is on track to fall to single digits. Special Adviser on Economic Matters, Tope Fasua, gave the assurance in an interview, citing recent data showing prices beginning to ease.
His comments followed the National Bureau of Statistics’ report that headline inflation dropped to 20.12 percent in August from 21.88 percent in July. On a year-on-year basis, the figure was 12 percent lower than the 32.15 percent recorded in August 2024.
Also Read: INEC Declines Recall Petition Against Senator Akpoti-Uduaghan
Fasua attributed the downward trend to factors such as exchange rate stability, rising crude oil prices, and improved agricultural output. He said the appreciation of the naira to the ₦1,400 region and more stable food prices were early signs of progress.
The NBS added that the August inflation rate fell by 1.76 percent from July, with food inflation recorded at 1.65 percent month-on-month. It said the data showed a consistent decline in inflation after a rebasing exercise, which provided a clearer picture of price movements.
Leave feedback about this
You must be logged in to post a comment.