APA – Lagos (Nigeria)
Nigeria’s National Bureau of Statistics (NBS) has announced on Friday in Abuja that the inflation rate for the country increased to 25.80% in August 2023.
The NBS said in its monthly publication of the Consumer Price Index (CPI), which measures inflation, that the headline inflation rate for August increased marginally by 1.72% above 24.08% recorded in July this year.
It added that 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,” it said.
According to the report, the percentage change in the average CPI for the 12-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.
On urban inflation, the NBS stated that On a year-on-year basis, in August 2023, the Urban inflation rate was 27.69%, representing 6.73% points higher compared to 20.95% recorded in August 2022, while the Rural inflation rate in August 2023 was 24.10% on a year-on-year basis as against 3.98% points higher compared to the 20.12% recorded in August 2022.
The report stated that 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%).
It explained that 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.
“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 rate recorded in July 2023 (3.45%).
“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,” it added.
GIK/APA