BREAKING: Nigeria’s inflation rate climbs to 26.72%

Nigeria’s inflation rate has increases to 26.72 per cent for September 2023, according to the National Bureau of Statistics (NBS).

The body made this known on Monday in its latest Consumer Price Index report for September 2023.

The September rate as shared on its X handle, marks an increase of 0.92 per cent from the previous month’s rate of 25.80 per cent.

According to the September 2023 Consumer Price Index (CPI) and Inflation Report released by the NBS, the soaring inflation rate comes amidst soaring food prices.

Ripples Nigeria reports that the CPI, which is the measurement of the changes in the prices of goods and services, rose from 25.80% in August 2023 with an increase of 0.92% points.

READ ALSO:Food inflation soars as prices of foodstuffs increase

The rising inflation in the country has been linked to the removal of petrol subsidies and the devaluation of the official exchange rate, with both putting substantial pressure on consumer prices.

The NBS 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.

“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 per cent points higher compared to the rate recorded in September 2022, which was 20.77 per cent.

”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).”

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