Nigeria's inflation continues to surge, reaching a staggering 25.80% in August 2023, as reported by the National Bureau of Statistics (NBS). This marks a significant 1.72% increase from the 24.08% recorded in July.
The NBS revealed, "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."
On a year-on-year basis, the inflation rate was even more concerning, as it was 5.27% points higher than the rate observed in August 2022, which stood at 20.52%. This indicates a substantial year-over-year increase in inflation, highlighting the ongoing economic challenges.
Food prices have been a significant driver of this inflation surge, with the NBS reporting a food inflation rate of 29.34% in August 2023 compared to 23.12% in August 2022. This represents a year-on-year increase of 6.22% points.
The NBS attributed this food inflation to rising prices of various food items, including oil and fat, bread and cereals, fish, fruits, meat, vegetables, and more.
Additionally, on a month-on-month basis, food inflation in August 2023 was 3.87%, a 0.41% point increase from July 2023, adding further pressure on consumers' purchasing power and living expenses.
