In August 2024, the headline inflation rate further eased to 32.15 per cent relative to the July 2024 headline inflation rate of 33.40 per cent.
According to its CPI and Inflation Report August 2024, headline inflation rate showed a decrease of 1.25 percentage points when compared to the July 2024 headline inflation rate.
However, on a year-on-year basis, the headline inflation rate was 6.35 per cent points higher compared to the rate recorded in August 2023 (25.80%).
“This shows that the headline inflation rate (year on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023). “
Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22 per cent, which was 0.06 per cent lower than the rate recorded in August 2024 (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,” NBS added.
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