Figures released by the National Bureau of Statistics (NBS) said Nigeria’s annual inflation rate rose to 25.80 per cent in August from 24.08 per cent in the previous month.
It reported that the August headline inflation rate shows an increase of 1.72 per cent points when compared to the July headline inflation rate.
On year-on-year basis, the statistics agency said headline inflation rate was 5.27 per cent points higher compared to the rate recorded in August 2022, which was 20.52 per cent.
“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),” it said.
According to the report, the food inflation rate in August quickened to 29.34 per cent on a year-on-year basis, which was 6.22 per cent points higher compared to the rate recorded in August (23.12 per cent ).
It further stated that the contributions of items on the divisional level to the acceleration in the headline index were food and non-alcoholic beverages (13.36 per cent), housing water, electricity, gas and other fuel (4.32 per cent), clothing and footwear (1.97 per cent), and transport (1.68 per cent),.
Others are furnishings and household equipment & maintenance (1.30 per cent), education (1.02 per cent), health (0.78 per cent), miscellaneous goods & services (0.43 per cent), restaurant and hotels (0.31 per cent), alcoholic beverage, tobacco and kola (0.28 per cent), recreation and culture (0.18 per cent) and communication (0.18 per cent).
On a month-on-month basis, the report said the headline inflation rate in August was 3.18 per cent, which was 0.29 per cent points higher than the rate recorded in July 2023 (2.89 per cent).
“This means that in August 2023, on average, the general price level was 0.29 per cent higher relative to July 2023.
“The percentage change in the average CPI for the twelve months ending August 2023 over the average of the CPI for the previous twelve-month period was 22.38 per cent, showing a 5.31 per cent increase compared to 17.07 per cent recorded in August 2022,” the report added.
The Food inflation rate in August was 29.34 per cent on a year-on-year basis, which was 6.22 per cent points higher compared to the rate recorded in August 2022 (23.12 per cent).
The bureau said 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 per cent, this was 0.41 per cent points higher compared to the rate recorded in July 2023 (3.45 per cent),” it said.
According to the bureau, 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.
“The average annual rate of Food inflation for the twelve months ending August 2023 over the previous twelve-month average was 25.01 per cent, which was a 5.99 per cent point increase from the average annual rate of change recorded in August 2022 (19.02 per cent),” it said.
