Nigeria’s inflation hits 25.80 percent amid soaring food prices

*The National Bureau of Statistics says the Nigeria headline inflation rate rose to 25.80 percent August 2023, as the rise in food inflation was caused by rising prices of staple items oil and fat, bread and cereals, fish, fruit, meat, vegetables, and potatoes, yam and other tubers, vegetable, milk, cheese, and eggs

Alexander Davis | ConsumerConnect

The National Bureau of Statistics (NBS), in its latest report on the Consumer Price Index (CPI) released Friday, September 15, 2023, disclosed the Nigerian inflation rose to 25.80 percent August 2023.

The NBS latest figure is 1.72% points higher than the 24.08% reported in July this year.

The NBS said in the report: “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 headline inflation rate was 5.27% points higher compared to the rate recorded in August 2022, which was 20.52%.”

The regulatory agency also stated: “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).”

Food inflation now 29.34 percent

According to NBS, the food inflation rate August 2023 was 29.34 percent on a year-on-year basis. The Bureau said that was 6.22 percent points higher, compared to the 23.12 percent rate recorded August 2022.

The NBS further stated: “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%, this was 0.41% points higher compared to the rate recorded in July 2023 (3.45%).”