JUST IN: Inflation rises to 25.80% as food prices, transport cost soar

• The headline inflation rate showed an increase of 1.72% points when compared to the July 2023 headline inflation rate
• the headline inflation rate was 5.27 percent points higher compared to the rate recorded in August 2022, which was 20.52 percent, the report indicated

Nigeria’s headline inflation rate figure rises to 25.80 percent in August from 24.08 in July, the federal government said on Friday.

According to a new report from the National Bureau of Statistics (NBS) the headline inflation rate showed 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 percent points higher compared to the rate recorded in August 2022, which was 20.52 percent, the report indicated

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

NBS noted that the rise in 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, vegetable, milk, cheese and eggs.

“On a month-on-month basis, the food inflation rate in August 2023 was 3.87 percent, this was 0.41 percent points higher compared to the rate recorded in July 2023 (3.45 percent ).

For “All items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produces and energy, its figure stood at 21.15 percent in August 2023 on a year-on-year basis.

This was up by 4.03 percent points when compared to the 17.12 percent recorded in August 2022.

It said the highest increases were recorded in prices of passenger transport by air, passenger transport road, medical services, vehicle spare parts, naintenance, and repair of personal transport equipment.

“on a month-on-month basis, the Core Inflation rate was 2.18 percent in August 2023. It stood at 2.11 percent in July 2023, up by 0.07 percent. The average 12 month annual inflation rate was 19.18 percent for the 12 months ending August 2023; this was 4.38 percent points higher than the 14.80 percent recorded in August 2022.”