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Surging Food Prices Push Nigeria’s Inflation to 25.80% in August 2023

Nigeria’s inflation rate rose to 25.80% in August 2023, up from 24.08% in July, as food prices continued to climb, according to new data from the National Bureau of Statistics (NBS).

The NBS reports food inflation hit 29.34% year-on-year in August 2023, a 6.22% jump from August 2022. This was driven by higher prices for bread, cereals, tubers, fruits, vegetables, meat, fish and dairy. On a monthly basis, food inflation rose 3.87%.

Key highlights:

  • Headline inflation increased 1.72% from July, 5.27% year-on-year
  • Food inflation surged 6.22% vs August 2022, hit 29.34%
  • Bread, cereals, tubers, meat and fish prices rose
  • Average food inflation up 5.99% in past 12 months
  • Non-food inflation may remain high due to FX pressures
  • Headline inflation could reach 27.18% year-on-year in September

The NBS data shows the significant jump in food inflation, especially staples like bread and cereals, was the primary driver pushing Nigeria’s headline inflation higher in August 2023.

Experts predict inflationary pressures from food and non-food items will persist, with headline inflation potentially accelerating further to 27.18% year-on-year in September.

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