Nigeria’s inflation experienced a notable surge in August, reaching 25.80%, which is 1.72% higher than the previous month’s figure of 24.08%. This was revealed in the latest Consumer Price Index (CPI) report for August 2023 released by the National Bureau of Statistics (NBS).

This substantial increase can be attributed to the effects of removing petrol subsidies and the devaluation of the official exchange rate, both of which had an impact on consumer prices. Additionally, month-on-month inflation also saw an increase, rising to 3.18% during the review month, up from 2.89% in the preceding month.

Other factors attributed to the increase include housing, food, and electricity.

“In terms of contribution to the year-on-year inflation, Food and non-alcoholic beverages (13.36%) contributed the most, followed by housing water, electricity, gas and other fuel (4.32%), and clothing and footwear (1.97%),” the NBS said.

“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. The Rural inflation rate stood at 24.10%, representing a 3.98% points increase compared to the 20.12% recorded in August 2022,” the agency added.

Food inflation reached one of its highest rates, surging to 29.34% in August 2023. This marks a substantial increase of 2.35% points compared to the previous month’s rate of 26.98% and is notably 6.22% points higher than the rate recorded in the same period of 2022, which was 23.12%.

On a month-on-month basis, the Food inflation rate for August 2023 stood at 3.87%, indicating a 0.41% point increase when compared to the rate recorded in July 2023, which was 3.45%.

The average annual rate of Food inflation for the twelve months ending in August 2023, when compared to the previous twelve-month average, was 25.01%. This represents a significant increase of 5.99% points from the average annual rate of change recorded in August 2022, which was 19.02%.

The rise in Food inflation on a year-on-year basis can be attributed to increases in the prices of various food items, including Oil and fat, Bread and cereals, Fish, Fruit, Meat, Vegetables and Potatoes, Yam and other Tubers, Vegetable, and Milk, Cheese, and Eggs. These factors collectively contributed to the observed increase in food prices.

Talking about ‘All items less farm produce’, which excludes the prices of volatile agricultural produce, the NBS said it stood at 21.15% in August 2023 on a year-on-year basis; up by 0.67% when compared to the 20.47% recorded in July 2023.

“On a month-on-month basis, the Core Inflation rate was 2.18% in August 2023. It stood at 2.11% in July 2023, up by 0.07%.

“The average twelve-month annual inflation rate was 19.18% for the twelve months ending August 2023; this was 4.38% points higher than the 14.80% recorded in August 2022.

“The highest increases were recorded in prices of Passenger Transport by Air, Passenger Transport by Road, Medical Services, Vehicle Spare parts, Maintenance, and repair of personal transport equipment etc,” it said.

When it comes to state inflation, Lagos leads other states with the highest rate, while Sokoto holds the lowest rate.

“In August 2023, all items inflation rate on a year-on-year basis was highest in Kogi (31.50%), Lagos (29.17%), and Rivers (29.06%), while Sokoto (20.91%), Borno (21.77%) and Nasarawa (22.25%) recorded the slowest rise in headline inflation on a year-on-year basis,” the NBS said.

Food inflation on a year-on-year basis exhibited significant regional variation. The highest food inflation rates were observed in Kogi at 38.84%, followed by Lagos at 36.04%, and Kwara at 35.33%.

Conversely, the slowest rise in food inflation on a year-on-year basis was recorded in Sokoto at 20.09%, Nasarawa at 24.35%, and Jigawa at 24.53%. These regions experienced comparatively lower increases in food prices during the specified period.

Explore Nigeria’s origins by going back to its beginnings. This research will also help you learn about the various ethnic groups and tribes that make up the country’s various zones and ethnic groups. Nigeria is the most populous country in Africa and has significant landmarks in its east, south, west, and northern regions.
The title of this article primarily introduces a remedy to the problem of insufficient ground power. Some African nations celebrate regular or consistent power outages. This celebration does not imply that their resources or economy are superior to those of Nigeria. Now let’s talk about the ruler’s (the government’s) failure to give her people social comforts.

Insufficient, constant power supply
Companies that produce goods and services on a small, medium, or big scale all rely on a consistent power supply to increase output. Undoubtedly, the cost of living is very high, which means that it will quickly rise to 1000 times higher, discouraging manufacturers from creating and thus lowering quality, and quantity, and raising prices. This is being paid for by rising prices as a result of economic expansion. The people are in excruciating pain as a result of the new government’s policies that quickly raise the expense of living. The rise in fuel prices has increased the cost of transportation on a national scale as well as the cost of producing goods and services, making them unaffordable for people in lower socioeconomic classes. What a fertile land, “This is the country where abundant mineral resources are discovered.”
Since I learned what money is capable of, the 1000 Nigerian naira note has definitely lost value.

Why is fuel price rising? Politics Theory
People have developed a number of conspiracy theories in an effort to explain the origins or causes of the nation’s fuel and other production increases. Everyone is biased as a result of the recent flagging of the Aliko Dangote refinery’s new development. Some claim that the refinery will substantially lower fuel prices, drop prices to 100 naira, and so forth. However, the way that individuals theoretically examine it hasn’t changed. Daily price increases are pretty significant. This deliberately turned some rural residents against the newborn, and tiny production was using generators to generate electricity in order to start using gas to generate electricity connecting to their generators during production.

According to theoretical models, there is usually an increase in fuel prices when a new government takes office. “Fuel subsidy” is the title of the new timeline. Because her inhabitants’ hearts are resentful of the increase in living standards, they hope that the new administration will make everything more affordable if war replaces it.

Is it possible to connect a gas cylinder to a generator to produce light?
When something is difficult, a lot of solutions will undoubtedly come to mind. Yes, this is a major improvisation, and I gratefully thank those who had the vision to make it happen. Scientifically speaking, gas is now a source of generating energy (light). It is more valuable, but it cannot be used in vehicles. the setup for achieving such is described below;

Buy in a gas cylinder.
2) Put gas in it
3) Cut the gasoline line to the generator’s carburetor.
4) Connect the gas cylinder host to the generator carburetor.
5) Confirm that there is no fuel tap to carburetor connection.
6) Confirm that the gas cylinder is approximately 12 feet long, and then start the generator.
This method uses less fuel and conserves more energy than traditional methods. However, I implore technical creators to create a gasoline/generator that employs a gas-tank cylinder connected to the generator to produce the same amount of gasoline as before. Technically, this will restore the equilibrium between the prices of fuel and gas. Too much reliance on petroleum raises its cost, which leads to an expansion of goods and services. This time, let’s utilize gas energy.

Sunlight-based energy is included
This time around, solar inverters are not excluded, but it depends on how much money each person spends to acquire such electricity. However, small- and large-scale production has always needed more expensive higher panel battery cells.

Energy from Biotech
This time, biotech energy is not overlooked. This is a different energy source that our environment should welcome. This is how waste or byproducts are turned into energy. This biotech energy source will undoubtedly power your homes and serve as a fuel supply for cooking. Fuel use and environmental noise would be reduced if Nigerian homes began using the energy generated from their pit toilets to power the entire house.

God bless Nigeria…