Nigeria's headline inflation rate decreased to 32.15% in August 2024, down from 33.40% in July, marking the second consecutive month of decline. The National Bureau of Statistics (NBS) reported that this reduction indicates a slower pace of price increases, although the current rate is 6.35 percentage points higher than the 25.80% recorded in August 2023. Month-on-month inflation for August was recorded at 2.22%, slightly lower than July's 2.28%. Food inflation remained a significant concern, reaching 37.52% in August, compared to 39.53% in July. Analysts caution that this slowdown may be temporary, as recent petrol price hikes could exacerbate inflationary pressures amid ongoing economic reforms. The overall economic context includes President Bola Tinubu's removal of fuel subsidies and adjustments to currency and electricity prices aimed at fostering growth.