According to the National Bureau of Statistics, NBS, Nigeria’s headline inflation rate increased 1.72 percentage points year on year (YoY) to 25.8 percent in August from 24.08 percent in July.
The bureau stated this in its August Consumer Price Index, CPI, report, adding that food inflation jumped by 2.36 percentage points year on year to 29.34 percent in August, up from 26.98 percent in July.
In July 2023 headline inflation rate was 24.08%.
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%.
This indicates that the headline inflation rate increased year on year in August 2023 when compared to the same month in August 2022.
Similarly, the headline inflation rate in August 2023 was 3.18%, which was 0.29% points higher than the 2.89% rate recorded in July 2023.
This means that, on average, the general price level in August 2023 was 0.29% higher than in July 2023.
The percentage change in the average CPI for the twelve-month period ending August 2023 over the previous twelve-month period was 22.38%, representing a 5.31% rise over the 17.07% reported in August 2022.
