The National Bureau of Statistics (NBS) on Friday, September 15, 2023 announced that Nigeria’s headline inflation rate accelerated to 25.80 percent in August 2023, from 24.08 percent reported in the previous month.
Looking at the movement, the Consumer Price Index (CPI) report said the August 2023 headline inflation rate shows an increase of 1.72% points when compared to the July 2023 headline inflation rate. 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 the preceding year (i.e., 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 rate recorded in July 2023 (2.89%). 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.
On a year-on-year basis, in August 2023, the urban inflation rate was 27.69%, this was 6.73% points higher compared to the 20.95% recorded in August 2022. On a month-on-month basis, the Urban inflation rate was 3.29% in August 2023, this was 0.24% points higher compared to July 2023 (3.05%). The corresponding twelve-month average for the Urban inflation rate was 23.46% in August 2023. This was 5.87% points higher compared to the 17.59% reported in August 2022.
The rural inflation rate in August 2023 was 24.10% on a year-on-year basis; this was 3.98% points higher compared to the 20.12% recorded in August 2022. On a month-on-month basis, the rural inflation rate in August 2023 was 3.08%, up by 0.34% points compared to July 2023 (2.74%). The corresponding twelve-month average for the rural inflation rate in August 2023 was 21.39%. This was 4.81% points higher compared to the 16.58% recorded in August 2022.
