Nigeria’s Inflation Rate Rises To 25.8% As Food Prices Soar

The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 25.80 percent in August 2023 — up from 24.08 percent in the previous month.

In its CPI report for August 2023, released on Friday, the National Bureau of Statistics (NBS) said the country’s inflationary trend was driven by increases in food prices.

In July, the country’s inflation figure hit the highest in more than 10 years, according to analysis by TheCable Index.

The last time Nigeria’s inflation reached the 24 percent level was in September 2005, when the rate was 24.3 percent.

The latest figure marks the eighth consecutive rise in the country’s inflation rate this year.

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