Food Prices Most Expensive In Kogi, Lagos As NBS Puts August Inflation At 25.80%

The National Bureau of Statistics in its Consumer Price Index (CPI) has said that the country’s headline inflation rose to 25.80 per cent in August 2023.

This showed that it grew by 1.72 points higher than the July inflation of 24.08 per cent.

This is the eighth consecutive rise in inflation rate in the country.

On a year-on-year basis, the headline inflation rate was 5.27 per cent points higher compared to the rate recorded in August 2022, which was 20.52 per cent.

The NBS said the significant increase reflects the impact of the removal of petrol subsidy and the devaluation of the official exchange rate on consumer prices.

According to the report, the food inflation rate jumped to 29.34 per cent in August 2023, representing a 2.35 per cent point increase from 26.98 per cent recorded in the previous month.

Also, it increased by 6.22 per cent points higher than the 23.12 per cent recorded in the corresponding period of 2022.

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

The NBS said the increase 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.

In August 2023, inflation rate on a year-on-year basis was highest in Kogi (31.50%), Lagos (29.17%), and Rivers (29.06%), while Sokoto (20.91%), Borno (21.77%) and Nasarawa (22.25%) recorded the slowest rise in headline inflation on a year-on-year basis.

Food inflation on a year-on-year basis was highest in Kogi (38.84%), Lagos (36.04%), and Kwara (35.33%), while Sokoto (20.09%), Nasarawa (24.35%) and Jigawa (24.53%) recorded the slowest rise in Food inflation on a year-on-year basis.