The National Bureau of Statistics says Nigeria’s inflation rate has climbed to 26.72 per cent, marking a 0.92 per cent increase from the previous month’s 25.80 per cent.
In the latest Consumer Price Index report for September released by the report by the bureau, 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.
It said, September 2023, the headline inflation rate increased to 26.72 per cent relative to the August 2023 headline inflation rate which was 25.80 per cent, an increase of 0.92 percentage points when compared to the August 2023 headline inflation rate.
Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10 per cent, 1.08 per cent lower than the rate recorded in August 2023 (3.18 per cent).
This means that in September 2023, the rate of increase in the average price level was less than what was recorded in August 2023.