Inflation rises to 25.80% in August as against July’s 24.08%, says NBS

From Isaac Anumihe, Abuja

The ever-rising inflation figure, yesterday, berthed at 25.80 per cent
in August 2023, relative to the July 2023 headline inflation rate which was 24.08 per cent.

In a publication by the National Bureau of Statistics (NBS), the rate shows an increase of 1.72 per cent points when compared to the July 2023 headline inflation rate, saying that food inflation rate in August 2023 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 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). 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 5.99 per cent points increase from
the average annual rate of change recorded in August 2022 (19.02 per cent).

“On a year-on-year basis, the 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)” NBS, said.