Nigeria’s inflation quickens to 25.80% in August

Nigeria’s annual inflation rate rose for the eighth straight month, its highest rate in nearly 18 years, to 25.80 percent in August 2023, according to the latest inflation report released on Friday.

The report published by the National Bureau of Statistics (NBS) said the inflation rose to 25.80 from 24.08 percent in the previous month.

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The NBS latest consumer price index report shows that food and non-alcoholic beverages contributed the most (13.36 percent) to increase in the headline index, followed by housing water, electricity, gas and other fuel (4.32 percent), clothing and footwear (1.97 percent), transport (1.68 percent), furnishings and household equipment and maintenance (1.30 percent) and education (1.02 percent).

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Others are health (0.78 percent), miscellaneous goods and services (0.43 percent), restaurants and hotels (0.31 percent), alcoholic beverages, tobacco and kola (0.28 percent), recreation and culture (0.18 percent) and communication (0.18 percent).

READ ALSO: Nigeria’s inflation jumps to 24.08% in July — NBS

The report also revealed that food inflation, which constitutes 50 percent of the inflation rate, rose to 29.34 percent in August from 26.98 percent in the previous month. The food inflation rate was also 6.22 percentage points higher compared to the rate recorded in August last year (23.12 percent).

“The rise in the 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,, Milk, Cheese and Eggs,” the NBS said.

Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 21.15 percent in August 2023 on a year-on-year basis, up by 4.03 percent when compared to the 17.12 percent recorded in August 2022.