Nigeria’s headline inflation rate jumped to 25.80 per cent in August 2023, relative to the July 2023 headline inflation rate which was 24.08 per cent, the National Bureau of Statistics (NBS) has said.
According to the NBS in its Consumer Price Index (CPI) report for August 2023, there is a 1.72 percentage point increase when compared to the July 2023 headline inflation rate.
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%.
The NBS noted that food inflation for August rose to 29.34 per cent in August 2023, representing a 2.35 percentage point increase from 26.98 per cent recorded in the previous month. On a year-on-year basis, which was 6.22% points higher compared to the rate recorded in August 2022 (23.12%).
According to the Statistics bureau, the increase was driven by increase in prices of Oil and fat, Bread and cereals, Fish, Fruit, Meat, Vegetables and Potatoes, Yam and other Tubers, Vegetable, Milk, Cheese and Eggs.
“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%).
“The rise in Food inflation on a month-on-month basis was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Fish, Oil and Fat, Coffee, Tea, and Cocoa.
“The average annual rate of food inflation for the twelve months ending August 2023 over the previous twelve-month average was 25.01%, which was 5.99% points increase from the average annual rate of change recorded in August 2022 (19.02%),” the bureau said.
The NBS further said that in August 2023, 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.
“On a month-on-month basis, however, August 2023 food inflation was highest in Rivers (7.12%), Kwara (5.89%), and Kogi (5.80%), while Sokoto (0.50%), Abuja (1.30%) and Niger (1.40%) recorded the slowest rise in Food inflation on a month-on-month basis,” the report revealed.
