The National Bureau of Statistics (NBS) on Friday said 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.
This represents the seventh consecutive rise in inflation this year.
The Bureau also said that in its Consumer Price Index (CPI) report for August 2023, food inflation rate increased YoY by 2.36 percentage points to 29.34 percent in August from 26.98 percent in July.
The CPI jump was attributed to the 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.
According to NBS: “In August 2023, the headline inflation rate increased to 25.80% relative to the July 2023 head-line inflation rate which was 24.08%.
“Looking at the movement, the August 2023 headline inflation rate shows an increase of 1.72 percentage points when compared to the July 2023 headline inflation rate.
‘On a YoY basis, the headline inflation rate was 5.27 percentage points higher compared to the rate recorded in August 2022, which was 20.52 percent.
“This shows that the headline inflation rate (YoY 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 percent higher relative to July 2023.”
On food inflation, the bureau said:”The Food inflation rate in August 2023 was 29.34% on a YoY basis, which was 6.22% points higher compared to the rate recorded in August 2022 (23.12%).
“The rise in food inflation on a YoYnbasis 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.
“On a month-on-month basis, the food inflation rate in August 2023 was 3.87%, this was 0.41 percentage points higher compared to the rate recorded in July 2023 (3.45 percent).
“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 NBS noted that all items inflation rate on a YoYb basis was highest in Kogi (31.50 percent), Lagos (29.17 percent), and Rivers (29.06 percent) during the review period while Sokoto (20.91 percent), Borno (21.77 percent) and Nasarawa (22.25 percent) recorded the slowest rise in headline inflation on a YoY basis.