Nigeria’s inflation hits 25.8%

Nigeria’s inflation rate drops to 15.99%


The National Bureau of Statistics (NBS) said Nigeria’s inflation rate rose from 24.08% in July 2023 to 25.8% in August 2023.

This was contained in the Consumer Price Index (CPI) August 2023 Report, which the bureau released on its website.

The report noted that in the period under review, headline inflation soared by 1.72% points when compared to that of the preceding month.

NBS attributed the rise to increases in food, fuel, gas and transportation costs.

It said 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%.

It further explained that 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).

On food inflation, NBS said the rate in August 2023 was 29.34% on a year-on-year basis, which was 6.22% points higher compared to the rate recorded in August 2022 (23.12%).

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to as the source.