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Nigeria’s Inflation Hits 25.80% As Food Prices Skyrocket

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Nigeria’s Inflation Hits 25.80% As Food Prices Skyrocket

Nigeria’s inflation rate rose to 25.80% in August 2023, according to the latest Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS).
According to the NBS, Nigeria’s headline inflation rate rose year-on-year (YoY) by 1.72 percentage points to 25.8 percent in August from 24.08 percent in July.

The NBS noted that food inflation rate also increased year on year (YoY) by 2.36 percent points to 29.34 percent in August from 26.98 percent in July.

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 on a year-on-year basis increased in August 2023 when compared to the same month in August 2022.
Similarly, on a month-on-month basis, the headline inflation rate in August 2023 was 3.18%, which was 0.29% points higher than the 2.89% rate recorded in July 2023.
This means that in August 2023, on average, the general price level was 0.29% higher relative to July 2023.
The percentage change in the average CPI for the twelve-month period ending August 2023 over the average of the CPI for the previous twelve-month period was 22.38%, showing a 5.31% increase compared to 17.07% recorded in August 2022.

“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.

“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).”

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%).”

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