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Nigeria Inflation Rate Drops to 32.15% in August 2024, While Food Inflation Rises

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Thursday, 1 May 2025, 5:45 pm

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Nigeria Inflation Rate Drops to 32.15% in August 2024, While Food Inflation Rises, The NBS said this in its Consumer Price Index (CPI) and Inflation Report for August 2024, which was released in Abuja on Monday. According to the report, the figure is 1.25% points lower compared to the 33.40% recorded in July 2024.

It said on a year-on-year basis, the headline inflation rate in August 2024 was 6.35% higher than the rate recorded in August 2023 at 25.80%. In addition, the report said on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in July 2024 at 2.28%.

“This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.”

The report said the increase in the headline index for August 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level. It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

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Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.

It said the percentage change in the average CPI for the 12 months ending August 2024 over the average of the CPI for the previous corresponding 12-month period was 31.26%.

“This indicates an 8.88% increase compared to 22.38% recorded in August 2023.”

The report said the food inflation rate in August 2024 increased to 37.52% on a year-on-year basis, which was 8.18% higher compared to the rate recorded in August 2023 at 29.34%.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of bread, maize, grains, guinea corn, yam, Irish potatoes, water yam, cassava tuber.

“Others are palm oil, vegetable oil, Ovaltine, Milo, Lipton, etc.”

It said on a month-on-month basis, the food inflation rate in August was 2.37%, which was a 0.10% decrease compared to the rate recorded in July 2024 at 2.24%.

“The decline in food inflation on a month-on-month basis was caused by a decrease in the average prices of tobacco, tea, cocoa, coffee, Groundnut oil, and milk.

“Others are yam, Irish potatoes, water yam, cassava tuber, palm oil, and vegetable etc.”

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.58% in August on a year-on-year basis.

“This increased by 6.43% compared to 21.15% recorded in August 2023.’’

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

It said the highest increases were recorded in prices of rents, bus Journey intercity, Journey by motorcycle, etc.

“Others are accommodation service, laboratory service, x-ray photography, consultation fee of a medical doctor, among others.”

The NBS said on a month-on-month basis, the core inflation rate was 2.27% in August 2024.

“This indicates a 0.11% increase compared to what was recorded in July 2024 at 2.16%.

“The average 12-month annual inflation rate was 25.18% for the 12 months ending August 2024, this was 6.00% points higher than the 19.18% recorded in August 2023.”

The report said on a year-on-year basis in August 2024, the urban inflation rate was 34.58%, which was 6.89% higher compared to the 27.69% recorded in August 2023.

“On a month-on-month basis, the urban inflation rate was 2.39%, which decreased by 0.07% compared to July 024 at 2.46%.’’

The report said on a year-on-year basis in August 2024, the rural inflation rate was 29.95%, which was 5.87% higher compared to the 24.10% recorded in August 2023.

“On a month-on-month basis, the rural inflation rate was 2.06%, which decreased by 0.04% compared to July 2024 at 2.10%.’’

On states’ profile analysis, the report showed that in August, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 46.46%, followed by Kebbi at 37.51%, and Jigawa at 37.43%. It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Benue at 25.13%, followed by Delta at 28.86%, and Imo at 28.05%.

The report, however, said in August 2024, all item’s inflation rates on a month-on-month basis were highest in Kwara at 4.45%, followed by Bauchi at 4.22%, and Adamawa at 3.99%.

“Ogun at at 0.21%, followed by Abuja at 0.92% and Kogi at 1.14% recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Sokoto at 46.98%, followed by Gombe at 43.25%, and Yobe at 43.21%.

“Benue at 33.33%, followed by Rivers at 33.01% and Bayelsa at 33.36% recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Adamawa at 5.46%, followed by Kebbi at 4.48%, and Borno at 3.88%.

“Ogun at 0.08%, followed by Akwa Ibom at 0.45% and Sokoto at 1.00%, recorded the slowest rise in inflation on a month-on-month basis.”

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Business

ISCRC spokesperson, two others docked over communal crisis in Ondo

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3 hours ago

May 1, 2025

John

Three persons, including the spokesperson of the Ikale Supreme Civil Rights Council (ISCRC), Orimisan Adelokiki, were on Wednesday arraigned before

read more ISCRC spokesperson, two others docked over communal crisis in Ondo

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Business

Platnova Celebrates 2 Years of Redefining Financial Access Across Africa and the Diaspora

Published

6 hours ago

May 1, 2025

John

Platnova, one of Nigeria’s fastest-growing fintech platforms, is proudly celebrating its second anniversary — marking two years of innovation, customer-centric growth, and global impact.

Since its launch in 2023, Platnova has remained committed to its mission of providing Africans, both on the continent and in the diaspora, with access to global financial services. Since its launch in 2023, Platnova has remained committed to its mission of providing Africans. In just two years, the platform has evolved into a dynamic lifestyle finance ecosystem, serving users in over 13 countries and evolved into a dynamic lifestyle finance ecosystem, helping them transact, connect, and thrive.

From day one, we wanted to create more than just a money transfer app. We wanted to build a financial lifestyle brand — one that bridges the gap to global financial services and provides these services with the utmost ease and seamlessness, said Benjamin Oyemolan, CEO of Platnova.

Recognized as the Fastest fastest-growing fintech startup in Nigeria, Platnova has proven its ability to scale quickly while staying deeply connected to user needs, especially in a region where infrastructure, regulation, and currency volatility present ongoing challenges.

Redefining Financial Access with Everyday Solutions

At the heart of Platnova’s success is its powerful multi-currency capability, which allows users to send and receive money in over 13 different currencies across 50+ countries. This feature has empowered individuals, freelancers, families, and business owners to break down financial borders, transact in real-time, and access global opportunities from anywhere.

A standout product in Platnova’s offering is Vault — an innovative savings feature that allows users to grow their funds in four major currencies: Dollars, Euros, Pounds, and Naira. Vault is the first of its kind in the market to offer a unified multi-currency savings experience with an exceptional 15.5% ROI across all currencies.

This has given users the ability to build wealth intentionally while hedging against local currency volatility.

Platnova also provides virtual cards for smooth and secure global payments, enabling users to shop internationally, pay for subscriptions, and manage recurring expenses with ease. For users who prefer physical payment tools, Platnova’s physical debit cards are more than just for spending — they support budgeting and savings, helping users track expenses and control spending while still offering global access.

But Platnova didn’t stop at payments. It also delivers lifestyle convenience through a wide range of in-app services, including flight bookings, hotel reservations, restaurant deals, and international experiences, making it a one-stop platform for both financial management and lifestyle planning. Users now rely on Platnova not just for transactions, but for travel, relaxation, and everyday convenience.

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Most recently, the company launched its highly anticipated USD Account, allowing users in Africa to receive, hold, and send USD instantly. With this feature, Platnova has introduced one of the fastest and most seamless dollar payment solutions available in the market today. It has already transformed how individuals, freelancers, remote workers, and digital entrepreneurs across the continent manage cross-border income.

Celebrating Recognition and Global Accolades

Over the last year, Platnova’s bold innovations and user-focused strategy have been recognized across the tech and fintech industry. The company was awarded the Most Innovative Fintech of the Year and won the regional finals at the Tech Unite Africa Startup World Cup, going on to emerge as second runner-up globally at the Startup World Cup Grand Finale in San Francisco.

These honors reflect not just the platform’s impact but also the growing global relevance of African-led financial innovation.

Platnova’s user base and platform activity have grown exponentially over the past months. The app has surpassed 100,000 downloads, with over 90,000 verified users actively transacting across its suite of features. In 2024 alone, Platnova participated in over 10 prominent fintech and tech events and sponsored high-impact innovation initiatives, further cementing its place as one of the fastest-growing fintech startups in Nigeria and Africa.

A New Space for a New Chapter

Another significant milestone for Platnova is its new corporate office— a dynamic, future-ready space designed to inspire innovation, collaboration, and community. The office launch was held in tandem with the 2nd anniversary campaign, symbolizing the brand’s growth and its readiness for the next phase of expansion.

To mark the occasion, Platnova hosted a lively in-house celebration at its new office with its team, stakeholders, and community members, including its most active users, top referrers, loyal customers, and a few notable celebrities and influencers who have supported the brand’s journey. The event was not just a party but a heartfelt thank-you to those who helped shape the Platnova story.

To commemorate the anniversary, Platnova launched a 10-day campaign from April 21 to May 1, designed to celebrate its community and reward users through fun, impactful activities. The campaign’s highlight was the 10-day Zero Transfer offer, where all users could send money for free — a symbolic gesture of appreciation from the brand to its growing community.

What’s Next for Platnova?

Platnova’s third year will focus on expanding globally, deepening lifestyle partnerships, and launching new features based on user feedback. The platform plans to integrate even more global services, improve user onboarding and transaction speed, and strengthen security across all digital touchpoints.

Above all, Platnova’s team remains deeply grateful to its users — the students, freelancers, families, creators, and small businesses that have made this journey worthwhile. Every transaction, referral, story, and review has helped Platnova evolve into what it is today.

We built Platnova for the people — and it’s the people who made it work. Thank you for trusting us, growing with us, and choosing us every day, said Benjamin Oyemolan, Platnova’s CEO.

About Platnova

Platnova is a global financial lifestyle platform built to help Africans at home and in the diaspora move money, manage finances, and access global services with ease. With support for 13+ currencies and operations in over 50 countries, Platnova offers multi-currency wallets, virtual cards, lifestyle bookings, crypto tools, bill payments, and more — all from one simple and secure app.

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