Rate of change in prices of goods and services, have risen to 25.80 percent in August 2023 up from 24.08 percent in the previous month in the country.
Gatekeepers News reports that in its Consumer price index (CPI) (which measures the rate of change in prices) 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.
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.
