Nigeria’s Inflation Hits 25.80% As Food Prices Rise – NBS

Nigeria’s inflation has jumped to 25.80% for August 2023, according to the Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS). 

The latest figure is 1.72% points higher than the 24.08% reported in July, the Friday report added.

“In August 2023, the headline inflation rate increased to 25.80% relative to the July 2023 headline inflation rate which was 24.08%. Looking at the movement, the August 2023 headline inflation rate shows an increase of 1.72% points when compared to the July 2023 headline inflation rate,” the NBS added.

“On a year-on-year basis, the headline inflation rate was 5.27% points higher compared to the rate recorded in August 2022, which was 20.52%. This shows that the headline inflation rate (year-on-year basis) increased in August 2023 when compared to the same month in the preceding year (i.e., August 2022).”

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On food inflation, the NBS said the rate in August 2023 was 29.34% on a year-on-year basis. According to the agency, this was 6.22% points higher compared to the rate recorded in August 2022 (23.12%).

“The rise 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,” it said.

“On a month-on-month basis, the food inflation rate in August 2023 was 3.87%, this was 0.41% points higher compared to the rate recorded in July 2023 (3.45%).”