Nigeria’s inflation climbs to 26.72% 


Nigeria's inflation soars


Nigeria’s inflation rate has climbed to 26.72 percent, marking a 0.92 percent increase from the previous month’s 25.80 percent.

The National Bureau of Statistics (NBS) disclosed this on Monday in its latest Consumer Price Index report for September 2023.

The upsurge in inflation is mainly linked to the removal of petrol subsidies and the devaluation of the official exchange rate, both exerting substantial impacts on consumer prices.

“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),” NBS said.

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