Nigeria’s inflation surged to 25.80% in the month of August 2023, 1.72% points higher than the 24.08% recorded in the previous month.
This is according to the recently released Consumer Price Index (CPI) report for August 2023 by the National Bureau of Statistics (NBS).
The significant increase reflects the impact of the removal of petrol subsidies and the devaluation of the official exchange rate on consumer prices.
Month-on-month inflation rose to 3.18% in the review month from 2.89% recorded in the prior month.
Food and non-alcoholic beverages contributed 13.36% , the highest, followed by housing water, electricity, gas and other fuel which contributed 4.32%. clothing and footwear contributed 1.97%
On a year-on-year basis, in August 2023, the Urban inflation rate was 27.69%, this was 6.73% points higher compared to the 20.95% recorded in August 2022.
The Rural inflation rate stood at 24.10%, representing a 3.98% points increase compared to the 20.12% recorded in August 2022.
The Food inflation rate jumped to 29.34% in August 2023, representing a 2.35% point increase from 26.98% recorded in the previous month and 6.22% points higher than 23.12% recorded in the corresponding period of 2022.
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 3.45 % rate recorded in July 2023.
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.
All items less farm produces
On a month-on-month basis, the Core Inflation rate was 2.18% in August 2023.
It stood at 2.11% in July 2023, up by 0.07%.
In August 2023, all items inflation rate on a year-on-year basis was highest in Kogi staye which led by 31.50% followed by Lagos state with 29.17% and and Rivers state with 29.06%).
Sokoto stoof at 20.91%, Borno 21.77% and Nasarawa recorded the slowest rise in headline inflation on a year-on-year basis with 22.25%.
Food inflation on a year-on-year basis was highest in Kogi with 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.
(Editor: Ebuwa Omo-Osagie)