Nigeria’s inflation continued its acceleration as it hit 25.80% in August compared with a rate of 24.08% in July 2023 as the food inflation rate in August 2023 rose to 29.34% on a year-on-year basis.
This was disclosed by the NBS in its August inflation report reported on Friday in Abuja.
On a year-on-year basis, the headline inflation rate is 5.27% points higher compared to the rate recorded in August 2022, which was 20.52%.
The report noted 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), they said:
They added that 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.
Food inflation
Meanwhile, 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%), the report added:
They added that the average annual rate of Food inflation for the twelve months ending August 2023 over the previous twelve-month average was 25.01%, which was 5.99% points increase from the average annual rate of change recorded in August 2022 (19.02%).
TheWitness earlier reported that in July, prices of certain food items, including beef, tomatoes, beans, and yams, saw increases, according to NBS in its Selected Food Prices Watch Report for July 2023, which was issued in Abuja on Friday.
