The National Bureau of Statistics, NBS, said Nigeria’s headline inflation rate rose year-on-year (YoY) by 1.72 percentage points to 25.8 percent in August from 24.08 percent in July.
The bureau disclosed this in its Consumer Price Index, CPI, report for August noting that food inflation rate also increased YoY by 2.36 percentage points to 29.34 percent in August 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 shows that the headline inflation rate
year-on-year basis increased in August 2023 when compared to the same month in August 2022.
Similarly, on a month-on-month basis, 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 in August 2023, on average, the general price level was 0.29% higher relative to July 2023.
The percentage change in the average CPI for the twelve-month period ending August 2023 over the average of the CPI for the previous twelve-month period was 22.38%, showing a 5.31% increase compared to 17.07% recorded in August 2022.
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