Nigeria’s inflation rate has hit 26.72 percent, marking a 0.92 percent rise from the 25.80 percent recorded in the previous month.
This information was revealed by the National Bureau of Statistics in its most recent Consumer Price Index report for September 2023, which was posted on NBS’s official platform.
The increase in inflation can be primarily attributed to the elimination of petrol subsidies and the devaluation of the official exchange rate, both of which have had significant effects on consumer prices.
The report stated: “September 2023, the headline inflation rate increased to 26.72 percent relative to the August 2023 headline inflation rate which was 25.80 percent.
“ Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92 percentage points when compared to the August 2023 headline inflation rate.”
“On a year-on-year basis, the headline inflation rate was 5.94 percent points higher compared to the rate recorded in September 2022, which was 20.77 percent.”
”This shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).”
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