Nigeria’s annual inflation rate climbed to 26.72% in September, up from the previous month’s 25.80%. This information was revealed in the latest Consumer Price Index report for September 2023 by the National Bureau of Statistics, published on October 16.
The sharp increase in inflation can be largely attributed to the removal of petrol subsidies and the devaluation of the official exchange rate, both of which have had a significant impact on consumer prices.
The report states, “In September 2023, the headline inflation rate increased to 26.72%, compared to the August 2023 headline inflation rate of 25.80%. This represents a 0.92 percentage point increase in the headline inflation rate from August 2023.
On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%. This indicates that the headline inflation rate on a year-on-year basis increased in September 2023 when compared to the same month in the previous year, September 2022.”