The inflation report published by the National Bureau of Statistics has revealed that the headline inflation rate in August 2023 increased to 25.80%, relative to the July 2023 headline inflation rate which was 24.08%.
Looking at the movement, the August 2023 headline inflation rate shows an increase of 1.72% points when compared to the July 2023 headline inflation rate.
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%. This shows that the headline inflation rate (year-on-year basis) increased in August 2023 when compared to the same month in the preceding year (i.e., August 2022).