Nigeria’s inflation continued its acceleration as it hit 25.80% in August compared with a rate of 24.08% in July 2023 as the food inflation rate in August 2023 rose to 29.34% on a year-on-year basis.
This was made known by the NBS in its August inflation report reported on Friday in Abuja.
On a year-on-year basis, the headline inflation rate is 5.27% points higher compared to the rate recorded in August 2022, which was 20.52%.
Inflation
The report noted 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), they said:
“In August 2023, the headline inflation rate increased to 25.80% relative to the July 2023 headline inflation rate which was 24.08%.
“Looking at the movement, the August 2023 headline inflation rate shows an increase of 1.72% points when compared to the July 2023 headline inflation rate.
They added that 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.
Food inflation
Meanwhile, the Food inflation rate in August 2023 was 29.34% on a year-on-year basis, which was 6.22% points higher compared to the rate recorded in August 2022 (23.12%), the report added:
“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%, this was 0.41% points higher compared to the rate recorded in July 2023 (3.45%).
The rise in Food inflation on a month-on-month basis was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Fish, Oil and Fat, Coffee, Tea, and Cocoa.
They added that the average annual rate of Food inflation for the twelve months ending August 2023 over the previous twelve-month average was 25.01%, which was a 5.99% points increase from the average annual rate of change recorded in August 2022 (19.02%).
Selected Food
According to a report in July, prices of certain food items, including beef, tomatoes, beans, and yams, saw increases, according to NBS in its Selected Food Prices Watch Report for July 2023, which was issued in Abuja on Friday.
Increase across food products
“The average price of 1kg of boneless beef increased by 30.17 per cent from N2,118.84 recorded in July 2022 to N2,758.13 in July 2023.”
“On a month-on-month basis, 1kg of boneless beef increased by 3.96 per cent in July from the N2,653.02 recorded in June 2023.”
The report indicated that “The average price of 1kg of tomato on a year-on-year basis rose by 24.88 per cent from N446.81 in July 2022 to N557.96 in July 2023.”
“On a month-on-month basis, 1kg of tomato increased by 1.95 per cent in July from the N547.28 recorded in June 2023.”
READ ALSO: World Food Programme to combat hunger in Nigeria With $2.5 billion
Similarly, the report revealed that “The average price of 1kg of Brown Beans (sold loose) increased by 19.73 per cent on a year-on-year basis from N562.55 in July 2022 to N673.53 in July 2023.”
“On a month-on-month basis, the price increased by 3.44 per cent from the N651.12 recorded in June 2023.”
The NBS disclosed that “The average price of 1kg of Onion bulb rose by 26.65 per cent on a year-on-year basis from N396.96 in July 2022 to N502.73 in July 2023.”
“On a month-on-month basis, the price increased by 2.38 per cent in July from the N491.04 recorded in June 2023.”