By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AIT LIVE
  • Live TV
  • Nigeria Votes 2023
  • Politics
  • Business
  • Sports
  • Videos
  • Entertainment
  • Global
Aa
Aa
AIT LIVE
Search
  • Live TV
  • Nigeria Votes 2023
  • Politics
  • Business
  • Sports
  • Videos
  • Entertainment
  • Global
Have an existing account? Sign In
Follow US
Headlines

Nigeria’s inflation soars to 25.80% in August – NBS

Last updated: 2023/09/15 at 4:49 PM
6 days ago By Osita Okere
Share
3 Min Read
inflation

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.

MUST READ: 69 Lawyers Get Approval To Become Senior Advocates Of Nigeria, SAN

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%.

State inflation
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)

Share this Article
Facebook Twitter Whatsapp Whatsapp Email Print

RSS APO Group – Africa-Newsroom: latest news releases related to Africa

  • Global Black Impact Summit (GBIS) 2023: Celebrating Black Excellence in Sports September 21, 2023
  • President El-Sisi Meets Chairman of Arab Organization for Industrialization (AOI) Board of Directors September 21, 2023
  • Libya: Lift restrictions on media and facilitate relief efforts in wake of catastrophic floods September 21, 2023
  • South Africa: Premier Winde leads delegation to South Korea to build on critical economic relations September 21, 2023
  • Defence announces loss of three South African (SA) Navy submariners off Kommetjie September 21, 2023

Trending

aitlive 9
Breaking: INEC admits glitch in results transmission as Court Reserves Judgement In Atiku’s Petition Against Tinubu, electoral body
2023 Elections Headlines
aitlive 1 19 1
Nigeria Air: MD Confirms Unveiled Aircraft Was Hired Ethiopia Flight
Local
LABOUR PARTY
Breaking: LP And Presidential Candidate, Peter Obi, Get Court Permission To Inspect Forensic Materials
2023 Elections
aitlive 6 1
Forged Jamb Result: Mmemsoma Finally Admits Scoring 249 In UTME
Local
PETER OBI
Drama in court as judges order Peter Obi’s legal team to go home
Headlines

Section

  • Headlines
  • Local
  • Business
  • Politics
  • Sports
  • Crime
  • Education
  • Health
  • Entertainment

Programmes

  • Kakaaki
  • Focus Nigeria
  • Democracy Today
  • People Politics and Power
  • News Hour
  • AIT Reports
  • World News
  • Moneyline With Nancy
  • Jigsaw
Follow US

© AIT.LIVE. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?