BREAKING: Nigeria’s inflation rate rises to 26.72% in September 2023

Nigeria’s Inflation Rate Rises to 26.72% in September 2023 The inflation rate in Nigeria surged to 26.72% in September 2023, marking a 0.92% increase from the previous month’s 25.80%. This data was revealed by the National Bureau of Statistics through its Consumer Price Index report for September 2023, shared via NBS’s official platform.

The significant increase in inflation is primarily attributed to the removal of petrol subsidies and the devaluation of the official exchange rate, both of which have had considerable impacts on consumer prices.

The report stated, “In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate of 25.80%. Analyzing the movement, the September 2023 headline inflation rate witnessed a 0.92 percentage point rise compared to the August 2023 rate.”

“On a year-on-year basis, the headline inflation rate increased by 5.94% compared to September 2022, which was recorded at 20.77%. This indicates a notable rise in the headline inflation rate (year-on-year basis) in September 2023 compared to the same month in the preceding year, September 2022.”