The National Bureau of Statistics (NBS) reported on Friday that the country’s inflation rate increased to 25.08% in August, up from 24.08% in the previous month.
According to the statistics office, the headline inflation rate for August 2023 increased by 1.72 percentage points compared to July 2023. This year-on-year comparison also revealed that the headline inflation rate for August 2023 was 5.27 percentage points higher than in August 2022.
“This indicates a year-on-year increase in the headline inflation rate for August 2023 compared to the same month in the previous year (i.e., August 2022),” stated the NBS.
Further data showed that the food inflation rate in August increased to 29.34% on an annual basis, which was 6.22 percentage points higher than the rate recorded in August 2022 (23.12%).
This data emerges as Nigerians grapple with the significant impact of the removal of fuel subsidies.
News About Nigeria reported that President Bola Tinubu’s government eliminated fuel subsidies upon taking office, causing fuel prices to skyrocket from around N189 per litre to over N600. Consequently, this move led to an increase in the prices of essential goods across the nation.
President Tinubu’s government has announced palliative measures to alleviate the harsh effects of subsidy removal and has also unveiled plans to reduce the country’s heavy reliance on Premium Motor Spirit (PMS) by transitioning to Compressed Natural Gas (CNG).
The government is encouraging Nigerian car owners to convert their vehicles to CNG tanks as a cost-saving measure.