On Friday, the National Bureau of Statistics (NBS), said the inflation rate rose from 24.08% in July 2023 to 25.80% in August 2023.

This revelation was contained in the Consumer Price Index (CPI) August 2023 Report, which the bureau released on its website.

The report noted that in the period under review, headline inflation soared by 1.72% points when compared to that of the preceding month.

NBS said, “In August 2023, the headline inflation rate increased to 25.80% relative to the July 2023 headline inflation rate which was 24.08%.

“Looking at the movement, the August 2023 headline inflation rate shows an increase of 1.72% points when compared to the July 2023 headline inflation rate.”

The report attributed the rise to increases in food, fuel, gas, and transportation costs.

NBS said 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%.

It further explained that this shows that the headline inflation rate (year-on-year basis) increased in August 2023 when compared to the same month in the preceding year (i.e., August 2022).

Similarly, the bureau said, on a month-on-month basis, the headline inflation rate in August 2023 was 3.18%, which was 0.29% points higher than the rate recorded in July 2023 (2.89%).

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