Nigeria’s August 2023 Inflation Report: Headline Inflation Surges by 25.80%, Food Prices Climb 29.34%

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In August 2023, Nigeria experienced a substantial increase in its headline inflation rate, reaching 25.80%, compared to the previous month’s rate of 24.08%. This uptick represents a significant 1.72% point rise in the headline inflation rate for August 2023.

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Year-on-year, the headline inflation rate in August 2023 was 5.27% points higher than the rate recorded in August 2022, which stood at 20.52%. This indicates a notable increase in the year-on-year headline inflation rate for August 2023 when compared to the same period in the previous year.

The contributors to this increase in the Headline index, at a divisional level, are detailed below.

Similarly, on a month-on-month basis, the headline inflation rate for August 2023 was 3.18%, which represents a 0.29% point increase from July 2023 (2.89%). This suggests that, on average, prices were 0.29% higher in August 2023 compared to July 2023.

The year-on-year change in the average Consumer Price Index (CPI) for the twelve months ending in August 2023 was 22.38%, marking a 5.31% increase compared to the 17.07% recorded in August 2022.

Urban Inflation:
In August 2023, the urban inflation rate on a year-on-year basis reached 27.69%, which was 6.73% points higher than the rate recorded in August 2022 (20.95%). On a month-on-month basis, urban inflation for August 2023 stood at 3.29%, indicating a 0.24% point increase from July 2023 (3.05%). The twelve-month average for urban inflation in August 2023 was 23.46%, showing a 5.87% point increase from August 2022 (17.59%).

Rural Inflation:
In August 2023, rural inflation on a year-on-year basis reached 24.10%, which was 3.98% points higher compared to August 2022 (20.12%). On a month-on-month basis, rural inflation for August 2023 was 3.08%, reflecting a 0.34% point increase from July 2023 (2.74%). The twelve-month average for rural inflation in August 2023 was 21.39%, indicating a 4.81% point increase from August 2022 (16.58%).

Food Inflation:
Food inflation in August 2023 reached 29.34% on a year-on-year basis, marking a significant 6.22% point increase compared to August 2022 (23.12%). The surge in food inflation was attributed to price increases in items such as oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, other tubers, vegetable, milk, cheese, and eggs. On a month-on-month basis, food inflation for August 2023 was 3.87%, indicating a 0.41% point increase from July 2023 (3.45%). The average annual rate of food inflation for the twelve months ending August 2023 was 25.01%, reflecting a 5.99% point increase from August 2022 (19.02%).

All Items Less Farm Produce:
The “All items less farm produce and energy,” or core inflation, stood at 21.15% in August 2023 on a year-on-year basis, marking a 4.03% point increase compared to August 2022 (17.12%). Notable price increases were observed in items such as passenger transport by air, passenger transport by road, medical services, vehicle spare parts, and maintenance and repair of personal transport equipment. On a month-on-month basis, core inflation for August 2023 was 2.18%, a slight increase from July 2023 (2.11%). The average twelve-month annual inflation rate ending in August 2023 was 19.18%, indicating a 4.38% point increase from August 2022 (14.80%).

State Profile:
In August 2023, the highest year-on-year inflation rates for all items were recorded in Kogi (31.50%), Lagos (29.17%), and Rivers (29.06%). Conversely, Sokoto (20.91%), Borno (21.77%), and Nasarawa (22.25%) reported the slowest increases in year-on-year headline inflation. On a month-on-month basis, Kwara (6.07%), Osun (4.36%), and Kogi (4.35%) experienced the highest increases, while Sokoto (1.38%), Borno (1.73%), and Ogun (1.89%) recorded the slowest month-on-month inflation rises.

For food inflation, Kogi (38.84%), Lagos (36.04%), and Kwara (35.33%) reported the highest year-on-year rates in August 2023. In contrast, Sokoto (20.09%), Nasarawa (24.35%), and Jigawa (24.53%) recorded the slowest year-on-year food inflation. On a month-on-month basis, Rivers (7.12%), Kwara (5.89%), and Kogi (5.80%) experienced the highest increases, while Sokoto (0.50%), Abuja (1.30%), and Niger (1.40%) had the slowest month-on-month food inflation.

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