In August 2023, the headline inflation rate rose to 25.80%, surpassing the July 2023 rate of 24.08% by an increase of 1.72 percentage points. When viewed on a year-on-year basis, the headline inflation rate for August 2023 was 5.27 percentage points higher than that of August 2022, marking an upward trend in year-over-year inflation.
Likewise, considering a month-to-month comparison, the headline inflation rate for August 2023 was 3.18%, which exceeded the July 2023 rate of 2.89% by 0.29 percentage points, indicating a modest increase in the general price level between these two months.
The percentage change in the average Consumer Price Index (CPI) for the twelve months ending in August 2023 compared to the preceding twelve months was 22.38%, reflecting a 5.31% rise compared to the 17.07% recorded in August 2022.
On a year-on-year basis, urban inflation in August 2023 stood at 27.69%, which was 6.73 percentage points higher than the August 2022 rate of 20.95%. On a month-to-month basis, urban inflation for August 2023 was 3.29%, representing a 0.24 percentage point increase from the July 2023 figure of 3.05%. The twelve-month average for urban inflation in August 2023 was 23.46%, marking a 5.87 percentage point increase over the 17.59% reported in August 2022.
In August 2023, rural inflation on a year-on-year basis was 24.10%, which exceeded the August 2022 rate of 20.12% by 3.98 percentage points. On a month-to-month basis, rural inflation for August 2023 was 3.08%, indicating a 0.34 percentage point increase from the July 2023 rate of 2.74%. The corresponding twelve-month average for rural inflation in August 2023 was 21.39%, marking a 4.81 percentage point increase compared to the 16.58% recorded in August 2022.