The National Bureau of Statistics (NBS) on Friday revealed that the inflation rate in Nigeria increased to 25.08% in August from 24.08% the previous month.
The statistics office reported that when compared to the headline inflation rate from July 2023, the headline inflation rate for August 2023 shows an increase of 1.72 percentage points.
The headline inflation rate was 5.27 percent points higher on an annual basis than the rate, which was 20.52 percent in August 2022, according to the NBS..
“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),” it said.
The data detailed that the rate of food inflation in August increased to 29.34% on an annual basis, which was 6.22% points higher than the rate registered in August 2022 (23.12%).
The latest data comes as Nigerians continue to battle the hard felt impact of fuel subsidy removal.
Recall that the President Bola Tinubu led government had on assumption of office as the country’s president immediately eliminated fuel subsidy.
His move caused the pump price of fuel to soar from about N189/ litre to over N600.
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