Data from Nigeria’s Bureau of Statistics present that Nigeria’s headline inflation hit 25% in August, representing a 1.17% enhance from July. Food costs drove the uptick.
Data from Nigeria’s Bureau of Statistics confirmed that headline inflation for August hit 25.08%. This is a 1.72% enhance from July’s inflation determine, which was 24%, hitting an 18-year excessive. Nigeria’s inflation price has stayed above 20% all 12 months, because the headline inflation price was 5.27% increased than the speed recorded in August 2022.
Food, drinks drive inflation
August’s inflation was once more pushed by a rise in the costs of food and nonalcoholic drinks as food inflation for the month additionally climbed to 29.34%. According to the NBS, “The rise in food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, bread and cereals, fish, fruit, meat, vegetables and potatoes, yam and other tubers, vegetable, milk, cheese and eggs.”
Kogi, Lagos and Bayelsa had the fightest food inflation figures whereas Kogi, Lagos and Rivers suffered all-items inflation on the sub-national stage. Housing, water, electrical energy and gasoline additionally contributed to rising costs. At the identical time, transportation was the fourth greatest driver of inflation, because the impact of gasoline subsidy removing continues to be felt by people.
Last month, on the Central Bank’s financial coverage committee (MPC) assembly, the financial institution elected to lift rates of interest by 25 foundation factors. This got here after disagreement on one of the best coverage to manage inflation and the apex financial institution’s position in stabilizing the economic system. Already, there’s a variety of apprehension as one other MPC committee assembly attracts shut in two weeks, as to what coverage the committee would undertake to stem the rising inflation. Today’s inflation knowledge suggests the necessity to arrest food inflation as the federal government’s coverage is unclear. The authorities has proposed a commodity board nevertheless it has thus confirmed ineffective in curbing food inflation.
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