Nigeria’s inflation rate has risen to 26.72 percent, up 0.92 percent from the previous month’s figure of 25.80 percent.
This was revealed on Monday by the National Bureau of Statistics in its latest Consumer Price Index data for September 2023. It was shared on NBS’s X account.
The withdrawal of fuel subsidy as well as the depreciation of the official exchange rate have both had a significant influence on consumer costs.
It said, “In 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 higher compared to the rate recorded in September 2022, which was 20.77 percent.
“This shows that the headline inflation rate (on a year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (September 2022).”
