Nigeria’s inflation rate increased noticeably from the 24.08% rate recorded in July of the same year to 25.80% in August.
The National Bureau of Statistics published this information in their most current Consumer Price Index Report for August 2023.
When compared to the inflation rate reported in July 2023, the inflation number for August 2023 shows an increase of 1.72%.
A year-over-year comparison also revealed a significant increase in the headline inflation rate for August 2023, which was 5.27% points higher than the rate recorded in August 2022, when it was 20.52%.
As a result, this information emphasizes that the headline inflation rate for August 2023 has increased as compared to the same month in the year prior, August 2022.