According to NBS, inflation in Nigeria has reached 25.80% – According to the Consumer Price Index data for August 2023 released by the National Bureau of Statistics on Friday, inflation in Nigeria jumped to 25.80% in the month of August 2023, 1.72% points higher than the 24.08% reported in the previous month.
The research states that the considerable increase is a result of the elimination of petrol subsidies and the devaluation of the official exchange rate. Inflation increased from the previous month’s 2.89% to 3.18% in the review month.
Food and non-alcoholic beverages contributed the most to year-over-year inflation (13.36%), followed by housing utilities (4.32%), and then apparel and footwear (1.97%).
The annual rate of urban inflation was 27.69% in August 2023, up 6.73% from the rate of 20.95% in August 2022. The rural inflation rate in September 2022 was 24.10%, up from 20.12% in August 2022, a 3.98% point rise.
Meanwhile, food inflation soared to 29.34% in August 2023, up 2.35% from the previous month’s reading of 26.98% and 6.22% from August 2022’s reading of 23.12%.
In August 2023, the annualised rate of increase in the cost of food was 3.87%, up from 3.45% in July of that year.
Compared to the last twelve-month period, the annual rate of inflation for food was 25.01% in the twelve months ending in August 2023, up 5.99% from the annual rate of change reported in August 2022 (19.02%).
In the same vein, Kogi (31.50%), Lagos (29.17%), and Rivers (29.06%) had the largest year-over-year increases in all items inflation rate in the month under review, while Sokoto (20.91%), Borno (21.77%), and Nasarawa (22.25%) had the lowest.
Kogi (38.84%), Lagos (36.04%), and Kwara (35.33%) had the biggest annual increases in food prices, while Sokoto (20.09%), Nasarawa (24.35%), and Jigawa (24.53%) had the lowest.