In the latest report released by the National Bureau of Statistics (NBS), it was revealed that the headline inflation rate in August 2024 showed a slight improvement, decreasing to 32.15% from the previous month’s rate of 33.40% in July 2024. This decline signifies a small but positive shift in the inflation trend, providing some relief in the economic landscape.
The data from the National Bureau of Statistics (NBS) highlights a noticeable improvement in the economic indicator, with the August headline inflation rate dropping by 1.25% points in comparison to the July figure. This reduction reflects a step in the right direction, suggesting a slight alleviation in the inflationary pressures experienced in the economy.
The National Bureau of Statistics (NBS) data also reveals that on a year-on-year basis, the headline inflation rate in August 2024 was 6.35% points higher than the rate reported in August 2023, which stood at 25.80%. This uptick signifies a notable increase in inflation levels for August 2024 when compared to the corresponding period in the previous year.
So, the National Bureau of Statistics (NBS) mentioned that in August, the headline inflation rate decreased slightly on a month-on-month basis, coming in at 2.22%, which was 0.06% lower than the rate in July 2024 (2.28%). This indicates that the rate of price level increase in August was less than that of July 2024.Moreover, the percentage change in the average Consumer Price Index (CPI) for the twelve months ending August 2024 compared to the previous twelve months showed a 31.26% increase, marking an 8.88% rise from the 22.38% recorded in August 2023.
