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Food Price Surge Propels Nigeria’s Inflation to 25.8% In August 2023

Nigeria, August 2023 – Nigeria’s inflation rate for August 2023 has exceeded all local and international predictions, surging to 25.8%, a noticeable increase from July’s 24.08%, according to the National Bureau of Statistics (NBS).

The most significant contributor to this surge is the soaring food inflation rate, which reached 29.34% on a year-on-year basis, marking a 6.22% increase compared to August 2022. 

This unprecedented rise in food prices can be attributed to substantial increases in the cost of oil and fat, bread, cereals, fish, fruits, meats, vegetables, potatoes, yams, and other tubers, as well as dairy products and eggs.

Compared to August 2022’s 20.52%, the year-on-year headline inflation rate was 5.27% higher in August 2023, highlighting the substantial economic strain.

On a month-on-month basis, the headline inflation rate for August 2023 rose by 0.29% compared to July 2023, indicating an overall 0.29% increase in the general price level during this period.

Furthermore, the year-on-year urban inflation rate surged to 27.69% in August 2023, up from 20.95% in August 2022, while the rural inflation rate climbed to 24.10% from 20.12% during the same period. These numbers illustrate the nationwide impact of rising food prices.

The month-on-month food inflation rate also experienced a noticeable uptick in August 2023, rising by 0.41% compared to July 2023. This increase is attributed to higher prices for bread, cereals, potatoes, yams, tubers, fish, oil, fat, coffee, tea, and cocoa.

The 12-month average for food inflation in August 2023 stood at 25.01%, signifying a significant 5.99% rise from the previous year’s average of 19.02% in August 2022.

In summary, Nigeria is grappling with a substantial inflationary surge driven primarily by soaring food prices, impacting both urban and rural areas and necessitating urgent economic measures to mitigate the burden on its citizens.

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