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Inflation Hits The Roof Above 25% as Nigerians Groan Under Food crisis

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The National Bureau of Statistics, NBS in its latest report revealed that Nigerian Inflation has increased to 25.8% in August as against the 24.08% that was recorded during the month of July. This was contained in the NBS record that was released today in its current Consumer Price Index in a commodity market.

According to the agency, Nigeria recorded an increase of about 1.72% within a span of one month which is not good as explained by economic expert for the livelihood of a common man when compared to last month. 

Dissecting the report on a year-on-year basis, the headline inflation rate was 5.27% points higher compared to the rate recorded in August 2022, which was 20.52%. 

The high inflation rate is credited to the removal of fuel subsidy carried out by president Bola Tinubu when he took over the leadership of Nigeria throwing the populace into food crises. 

Accordingly, the figure indicated that the headline inflation rate (year-on-year basis) as recorded in August 2023 compared to the same month in the preceding year (i.e., August 2022).