In August 2023, Nigeria experienced a notable increase in inflation, with the rate reaching 25.80%, according to data released by the National Bureau of Statistics (NBS).
This figure marked a significant rise of 1.72% points compared to the 24.08% rate reported for July.
On a year-on-year basis, the inflation rate for August 2023 was 5.27% points higher than that recorded in August 2022, which was 20.52%. This indicates a clear uptick in inflation from the previous year.
Food inflation also surged, reaching 29.34% year-on-year in August 2023. This represented a substantial increase of 6.22% points compared to August 2022, when it stood at 23.12%.
The rise in food inflation was attributed to price hikes in various food categories, including oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yams, and other tubers, as well as dairy products like milk, cheese, and eggs.
On a month-on-month basis, food inflation in August 2023 reached 3.87%, which was 0.41% points higher than the rate recorded in July 2023, which was 3.45%.
