The inflation rate in Nigeria has risen to 25.80% in August, up from the 24.08% recorded in July. This information was revealed by the National Bureau of Statistics in its latest Consumer Price Index Report for August 2023.
The August 2023 headline inflation rate reflects a 1.72% increase when compared to July 2023. When assessed on a year-on-year basis, the headline inflation rate was 5.27 percentage points higher than the rate observed in August 2022, which stood at 20.52%.
As a result, these figures signify that the year-on-year basis inflation rate for August 2023 experienced an increase when compared to the same month in the preceding year, i.e. August 2022.
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