By Hosea Parah, Abuja

In August 2023, Nigeria’s headline inflation rate has increased to 25.80% compared to the previous month’s rate of 24.08%. This represents a 1.72% increase. On a year-on-year basis, the headline inflation rate in August 2023 was 5.27% higher than the rate recorded in August 2022.

This was contained in a NBS August 2023 report released on Friday. The urban inflation rate was 27.69% on a year-on-year basis, while the rural inflation rate was 24.10%. The food inflation rate was 29.34% on a year-on-year basis. The core inflation rate, which excludes volatile agricultural produce and energy, stood at 21.15% on a year-on-year basis.

The highest increases in prices were recorded in passenger transport, medical services, and vehicle spare parts. Kogi, Lagos, and Rivers had the highest inflation rates, while Sokoto, Borno, and Nasarawa had the slowest rise in inflation. On a month-on-month basis, Kwara, Osun, and Kogi had the highest increases in inflation, while Sokoto, Borno, and Ogun had the slowest rise.

According to the report In terms of food inflation, Kogi, Lagos, and Kwara had the highest rates, while Sokoto, Nasarawa, and Jigawa had the slowest rise. On a month-on-month basis, Rivers, Kwara, and Kogi had the highest food inflation rates, while Sokoto, Abuja, and Niger had the slowest rise.