Nigeria’s headline inflation has increased to 25.80% in August from
24.08% of the month of July 2023.
In a National Bureau of Statistics’ Consumer Price Index made available to Channel Network Afrique, CNA in Abuja, the increased is by 1.72%
On a year-on-year basis, the headline inflation rate was 5.27% higher compared to the rate recorded in August 2022, which stood at 20.52%.
According to NBS, the significant increase reflects the impact of the devaluation of the official exchange rate on consumer prices and the removal of petrol subsidy
According to the CPI, food inflation rate skyrocketed to 29.34% in August 2023, representing a 2.35% increase from 26.98% recorded in the preceding month as well as 6.22% higher than the 23.12% recorded at the period in 2022.
On a month-on-month basis, the food inflation rate in August 2023 was 3.87% this was 0.41% higher compared to the rate recorded in July 2023 3.45%.
The NBS said the increase in food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Fruit, Meat, Vegetables and Potatoes, Yam and other Tubers, Vegetable, Milk, Cheese and Eggs.
In August 2023, inflation rate on a year-on-year basis was highest in Kogi (31.50%), Lagos (29.17%), and Rivers (29.06%), while Sokoto (20.91%), Borno (21.77%) and Nasarawa (22.25%) recorded the slowest rise in headline inflation on a year-on-year basis.
Food inflation on a year-on-year basis was highest in Kogi (38.84%), Lagos (36.04%), and Kwara (35.33%), while Sokoto (20.09%), Nasarawa (24.35%) and Jigawa (24.53%) recorded the slowest rise in Food inflation on a year-on-year basis.