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

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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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Could the next big breakout already be in motion, with most traders missing the signs? Bittensor (TAO) has surged past $414, with bold forecasts pointing to a $1,200 target. Meanwhile, Ripple whales have snapped up over 900 million XRP, signaling that major players are quietly positioning themselves. Yet, another project with massive upside is still flying under the radar, Web3 ai. Now priced at just $0.000347 in its presale and set to list at $0.005242, it offers early buyers a built-in 1747% ROI.
And that’s only the beginning. The real excitement kicks in after launch, when all 12 AI-powered tools go live, and supply tightens. Analysts are already predicting a possible price climb to $1–$4. As more traders search for the next top ROI crypto, Web3 ai ($WAI) is gaining momentum. The floor is guaranteed. The upper limit? Still unknown. With the presale window closing fast, FOMO is rising, and Web3 ai could be the surprise rocket of 2025.
TAO Eyes $1,200 as AI Narrative Builds
TAO’s momentum is strong. The Bittensor (TAO) token is now at $414, rising 14% in a day and nearly 96% this past month. Its market cap has passed $3.6 billion. Traders and analysts both see it as a top AI project.
Projections suggest a price between $1,200 and $1,500 by late 2025. Some even expect it to hit $1,206 within weeks. This rally is powered by the growing need for on-chain AI systems. TAO holds a key spot in this trend. Its low supply and strong use case make it a standout. Traders looking at high-cap AI tokens are watching closely.
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Ripple is seeing quiet but massive whale activity. Over the past month, large buyers picked up 900 million XRP. That includes a 300 million XRP move to an unknown wallet and 70 million XRP between two mystery addresses. These aren’t random.
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TAO is pushing toward $1,200 as AI hype grows. Ripple whales have bought 900 million XRP, hinting at major plans. Both are worth watching. But Web3 ai could be the bigger story. It’s still in early stages, with a $0.000347 entry and a $0.005242 listing locked in. That’s a 1747% ROI just on listing day.
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The Consul General of Switzerland, Frank Eggmann, CAS Director, NBC, Oluwasoromidayo George; The Managing Director, NBC, Goran Sladic; Ambassador of Switzerland to Nigeria, Patrick Egloff; and Packaging Recovery Lead, NBC, Idris Adetola during a courtesy visit of the Switzerland Ambassador to NBC Packaging Collection Hub in Lagos on Friday
Leading the Swiss delegation, Ambassador Egloff commended NBC for its bold investments in sustainable development, describing the Packaging Collection Hub as a major milestone with the potential to drive significant environmental and economic impact across Nigeria.
Welcoming the delegation, Managing Director of NBC, Mr. Goran Sladic, emphasized the company’s long-term dedication to supporting Nigeria’s economic growth and environmental sustainability through continuous investments in people, technology, and innovation.
Our Packaging Collection Hub is a clear demonstration of our environmental responsibility,” said Sladic. “It is part of our strategic goal to collect and recycle 100% of the packaging we produce by 2030. Through this hub, we are actively promoting circular economy while creating green jobs and empowering local waste aggregators — particularly youth and women.
Switzerland is a model for environmental excellence. We see great potential for knowledge exchange and partnerships that will strengthen Nigeria’s circular economy ecosystem, he added.
Ambassador Egloff praised NBC’s efforts, noting that the company’s initiatives represent an inspiring example of how private sector investment can align with public good.
The visit offered both parties a valuable opportunity to explore shared priorities and discuss potential areas of collaboration in sustainability, recycling innovation, and capacity building.
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