In August 2023, the headline inflation rate 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% point ts 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).
Similarly, on a month-on-month basis, the headline inflation rate in August 2023 was 3.18%, which was 0.29% points higher than the rate recorded in July 2023 (2.89%). This means that in August 2023, on average, the general price level was 0.29% higher relative to July 2023.
The percentage change in the average CPI for the twelve-month period ending August 2023 over the average of the CPI for the previous twelve-month period was 22.38%, showing a 5.31% increase compared to 17.07% recorded in 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.
Credit: NBS
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