Nigeria experienced a significant inflationary surge in August, reaching 25.80%, as reported by the National Bureau of Statistics (NBS).
It marked a notable increase from the July 2023 figure of 24.08%.
The primary drivers of this inflationary spike in August were food and transportation costs, which were particularly affected. According to the NBS report, these categories saw an uptick of 1.72% when compared to the preceding month.
Also, the NBS revealed that on an annual basis, the headline inflation rate had risen by 5.27% points compared to the rate recorded in August of the previous year, which stood at 20.52%.
The food inflation rate in August 2023 surged to 29.34% on a yearly basis, reflecting a significant increase of 6.22% points compared to the August 2022 figure of 23.12%.
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The NBS attributed this rise in food inflation to higher prices in categories such as oil and fat, bread and cereals, fish, fruit, meat, vegetables, and potatoes.
More also, the prices of yams and other tubers were also impacted by the prevailing inflationary conditions, as noted by the Bureau.
“On a month-on-month basis, the food inflation rate in August 2023 was 3.87 percent; this was 0.41 percent higher compared to the rate recorded in July 2023 (3.45 percent).
“All items less farm produce and energy,” or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 21.15 percent in August 2023 on a year-on-year basis.
According to the Daily Trust, there has been a 4.03% rise in the figure, marking an increase from the 17.12% reported in August 2022.
The National Bureau of Statistics (NBS) has indicated that the most significant price hikes were observed in passenger transport via air and road, medical services, vehicle parts, and the maintenance of personal transportation equipment.
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“On a month-on-month basis, the Core Inflation rate was 2.18 percent in August 2023. It stood at 2.11 percent in July 2023, up by 0.07 percent. The average 12-month annual inflation rate was 19.18 percent for the 12 months ending August 2023; this was 4.38 percentage points higher than the 14.80 percent recorded in August 2022.”
“No more N28k”: 50kg of rice hits N42,000 as FG mobilises $500 million for food in Nigeria Legit.ng reported that removing subsidies from petrol has caused a sharp increase in food prices, especially rice, in Nigeria. Checks by Legit.ng reveal that the price of rice, Nigeria’s staple, has risen astronomically in the last two weeks in June as petroleum marketers increased the price of petrol from N500 per liter to N617 per liter.
A recent survey indicates that in the majority of markets, traders have exacerbated the existing high cost of rice, attributing it to various factors such as elevated transportation expenses, inflationary pressures, and border closures.
