Nigeria’s Inflation Soars Amid Economic Woes

Nigeria’s inflation has increased to 25.80 per cent in August from 24.08 per cent recorded in July.

The National Bureau of Statistics disclosed this on Friday in its latest Consumer Price Index Report for August 2023.

The August 2023 headline inflation rate shows an increase of 1.72 per cent compared to July 2023.

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

Accordingly, the figure indicated that the headline inflation rate (year-on-year basis) increased in August 2023 compared to the same month in the preceding year (i.e., August 2022).

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