July 20, 2024

According to the National Bureau of Statistics (NBS), the headline inflation rate in Nigeria jumped to 25.80% in August 2023.

The NBS stated this in its August Consumer Price Index (CPI) and Inflation Report, which was released on Friday in Abuja.

According to the report, the result is 1.72 percentage points higher than the 24.08 percentage point level reported in July 2023.

It stated that the headline inflation rate in August was 5.27 percent higher year on year than the rate reported in August 2022, which was 20.52 percent.

“This shows that the headline inflation rate (year-on-year basis) increased in August 2023 when compared to the same period in August 2022.”

Food and non-alcoholic beverages contributed 13.36 percent to the increase in the headline index, according to the study, and housing, water, electricity, gas, and other fuel contributed 4.32 percent.
Clothing and footwear accounted for 1.97 percent, transportation accounted for 1.68 percent, furniture, household equipment, and maintenance accounted for 1.30 percent, education accounted for 1.02 percent, and health accounted for 0.78 percent.

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“Miscellaneous goods and services at 0.43 per cent; restaurant and hotels at 0.31 per cent; alcoholic beverage, tobacco and kola at 0.28 per cent; recreation and culture at 0.18 per cent, and communication at 0.18 per cent.”

Furthermore, the study stated that the headline inflation rate in August 2023 was 3.18 percent, which was 0.29 percent higher than the rate reported in July 2023, which was 2.89 percent.

“This means that in August 2023, on average, the general price level was 0.29 per cent higher relative to July 2023.”

It stated that the percentage change in the average CPI for the 12 months ending August 2023 over the previous 12-month period was 22.38 percent.

“This indicates a 5.31 per cent increase compared to 17.07 per cent recorded in August 2022.”

According to the data, the food inflation rate in August was 29.34 percent year on year, which was 6.22 percent more than the rate reported in August 2022, which was 23.12 percent.

“The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”

According to the report, the food inflation rate in August was 3.87 percent, a 0.41 percent increase from the rate in July, which was 3.45 percent.

“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.”

According to the study, core inflation, which includes volatile agricultural commodity prices, amounted at 21.15 percent year on year in August.

“This increased by 4.03 per cent compared to 17.12 per cent recorded in August 2022.’’

According to the report, the largest price rises were reported in passenger air and road travel, gas, vehicle replacement parts, medical services, maintenance and repair of personal transport equipment, and so on.

According to the NBS, the core inflation rate was 2.18 percent in August 2023.

“This indicates a 0.07 per cent rise compared to what was recorded in July 2023 at 2.11 per cent.”

“The average 12-month annual inflation rate was 19.18 per cent for the 12 months ending August 2023, this was 4.38 per cent points higher than the 14.80 per cent recorded in August 2022.”

According to the data, the urban inflation rate in August was 27.69% year on year, which was 6.73% higher than the 20.95% reported in August 2022.

“On a month-on-month basis, the urban inflation rate was 3.29 per cent in August representing a 0.24 per cent rise compared to July 2023 at 3.05 per cent.’’

According to the data, the rural inflation rate in August was 24.10 percent year on year, which was 3.98 percent higher than the 20.12 percent reported in August 2022.

“On a month-on-month basis, the rural inflation rate was 3.08 per cent, which increased by 0.34 per cent compared to July 2023 at 2.74 per cent.’’

According to the report’s state profile study, Kogi had the highest year-on-year all-items inflation rate in August, at 31.50 percent, followed by Lagos at 29.17 percent and Rivers at 29.06 percent.

It did, however, say that Sokoto had the least year-on-year growth in headline inflation, at 20.91 percent, followed by Borno at 21.77 percent and Nasarawa at 22.25 percent.

According to the report, the month-on-month inflation rate for all items in Kwara was 6.07 percent, Osun was 4.36 percent, and Kogi was 4.35 percent in August 2023.

“Sokoto at 1.38 per cent, followed by Borno at 1.73 per cent and Ogun at 1.89 per cent recorded the slowest rise in month-on-month inflation.”

According to the survey, food inflation was greatest in Kogi at 38.84 percent year on year, followed by Lagos at 36.04 percent and Kwara at 35.33 percent.

“Sokoto at 20.09 per cent, followed by Nasarawa at 24.35 per cent and Jigawa at 24.53 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

According to the report, food inflation was greatest in Rivers at 7.12%, followed by Kwara at 5.89% and Kogi at 5.80% month on month.

“With Sokoto at 0.50 per cent, followed by Abuja at 1.30 per cent and Niger at 1.40 per cent recorded the slowest rise on month-on-month food inflation.’’

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