The National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) Report showed that the country’s Headline Inflation Rate increased to 25.80% in August, relative to the July 2023 headline inflation rate which was 24.08%.
NBS said, 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.
The Bureau noted that the current increase was stimulated by Food and non-alcoholic Beverages at 13.36 percent and Housing Water and electricity. Gas & Other Fuel at 4.32 percent, Clothing & Footwear at 1.97 percent, amongst others.
It said, “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)”.
URBAN INFLATION
On a year-on-year basis, in August 2023, the Urban inflation rate was 27.69%, this was 6.73% points higher compared to the 20.95% recorded in August 2022.
On a month-on-month basis, the Urban inflation rate was 3.29% in August 2023, this was 0.24% points higher compared to July 2023 (3.05%).
The corresponding twelve-month average for the Urban inflation rate was 23.46% in August 2023. This was 5.87% points higher compared to the 17.59% reported in August 2022.
RURAL INFLATION
The Rural inflation rate in August 2023 was 24.10% on a year-on-year basis; this was 3.98% points higher compared to the 20.12% recorded in August 2022.
On a month-on-month basis, the Rural inflation rate in August 2023 was 3.08%, up by 0.34% points compared to July 2023 (2.74%).
The corresponding twelve-month average for the Rural inflation rate in August 2023 was 21.39%. This was 4.81% points higher compared to the 16.58% recorded in August 2022.
