Business & Economy
JUST IN: Again, Nigeria’s Inflation Rate Rises, Jumps To 25.80% As Food Prices Soar
Eko Hot Blog reports that Nigeria’s inflation rate increased to 25.80% in August 2023 relative to the July 2023 headline inflation rate which was 24.08%.
The August 2023 headline inflation rate shows an increase of 1.72% points when compared to the July 2023 headline inflation rate.
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These numbers are contained in the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report for August 2023 released Friday afternoon.
According to the report, 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).
“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 rate recorded in July 2023 (2.89%). This means that in August 2023, on average, the general price level was 0.29% higher relative to July 2023,” the CPI report reads.
“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.”
NBS
The NBS said the Urban inflation rate in August 2024 was 27.69% on a year-on-year basis; this was 6.73% points higher compared to the 20.95% recorded in August 2022.
“On a month-on-month basis, the Urban inflation rate was 3.29% in August 2023, this was 0.24% points higher compared to July 2023 (3.05%),” the bureau disclosed in the report.
“The corresponding twelve-month average for the Urban inflation rate was 23.46% in August 2023. This was 5.87% points higher compared to the 17.59% reported in August 2022.”
The Rural inflation rate in August 2023 was 24.10% on a year-on-year basis; this was 3.98% points higher compared to the 20.12% recorded in August 2022.
“On a month-on-month basis, the Rural inflation rate in August 2023 was 3.08%, up by 0.34% points compared to July 2023 (2.74%). The corresponding twelve-month average for the Rural inflation rate in August 2023 was 21.39%. This was 4.81% points higher compared to the 16.58% recorded in August 2022,” the CPI report added.
The Food inflation rate in August 2023 was 29.34% on a year-on-year basis, which 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,” NBS said.
The Food inflation rate in August 2023 was 3.87% on a month-on-month basis; this was 0.41% points higher compared to the rate recorded in July 2023 (3.45%).
FURTHER READING
“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 bureau said.
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