Monthly food inflation in Nigeria dropped to 37.52 percent in August 2024 from 39.53 percent in July due to a fall in the prices of yam, Irish potatoes, vegetable oil, and other items.

This was revealed in the National Bureau of Statistics’ August inflation report, which was made public on Friday.

Compared to the rate reported in July 2024 (2.47 percent), this indicated a 0.10 percent month-over-month decline in the nation’s food inflation rate to 2.37 percent.

The decrease in the average price growth rate of the following products can be blamed for the fall: milk, yam, Irish potatoes, water yam, tobacco, tea, coco, coffee, groundnut oil, vegetable oil, etc.

“The average annual rate of change recorded in August 2023 (25.01 percent) was decreased by 11.98 percent to 36.99 percent for the twelve months ending in August 2024 compared to the previous twelve-month average.”

In the past two months, Nigeria’s food inflation has decreased for the second time in a row.

This trend coincides with a decrease in the nation’s headline inflation rate, which in August 2024 fell to 32.15 percent.