September 15, (THEWILL) – Nigeria’s annual inflation rate rose from 24.08% in July 2023 to 25.80% in August 2023, the National Bureau of Statistics (NBS) said in its Consumer Price Index (CPI) August 2023 report on Friday.
According to the NBS, headline inflation soared by 1.72% points when compared to that of the preceding month.
“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,” the report said while attributing the rise to increases in food, fuel, gas and transportation costs.
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.
On food inflation, NBS said the 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%).
According to the data, 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, vegetables, milk, cheese and eggs.
NBS said with 31.50%, inflation was highest in Kogi, while Lagos was 29.17%, trailed closely by Rivers with 29.06%. However, inflation was slowest in Sokoto at 20.91%, Borno at 21.77% and Nasarawa at 22.25%.
”In August 2023, all items inflation rate on a year-on-year basis was highest in Kogi (31.50%), Lagos (29.17%), and Rivers (29.06%), while Sokoto (20.91%), Borno (21.77%) and Nasarawa (22.25%) recorded the slowest rise in headline inflation on a year-on-year basis,” the NBS reported.
On a month-on-month basis, August 2023 recorded the highest increases in Kwara (6.07%), Osun (4.36%), and Kogi (4.35%), while Sokoto (1.38%), Borno (1.73%) and Ogun (1.89%) recorded the slowest rise on month-on-month inflation.
In August 2023, food inflation on a year-on-year basis was highest in Kogi (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.
On a month-on-month basis, however, the Bureau said August 2023 Food inflation was highest in Rivers (7.12%), Kwara (5.89%), and Kogi (5.80%), while Sokoto (0.50%), Abuja (1.30%) and Niger (1.40%) recorded the slowest rise in food inflation on a month-on-month basis.
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