City in Nigeria

Nigeria Inflation August 2023

Nigeria: Inflation comes in at highest level since August 2005 in August

Inflation increased to 25.8% in August, above July’s 24.1%. August’s result marked the highest inflation rate since August 2005, and reflected the removal of fuel subsidies and the devaluation of the naira. The acceleration was broad-based, with greater price pressures recorded for food, transportation, and housing and energy.

The trend pointed up, with annual average inflation coming in at 22.4% in August (July: 21.9%). Meanwhile, core inflation rose to 21.1% in August, from July’s 20.5%.

Lastly, consumer prices increased 3.18% over the previous month in August, accelerating from the 2.89% increase seen in July. August’s result marked the highest reading since January 2012.

Analysts at the EIU commented:

“An inflationary spiral […] that began in 2022 is poised to enter a more intense phase as the impact of past currency devaluation and petrol price rises works through the system, with powerful first- and second-round pass-through effects.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest