Nigeria's Inflation Rises To 26.72% in September | READ MORE
Faith Ukanwa
Oct 16, 2023
Nigeria's Inflation Rises To 26.72% in September | READ MORE
Nigeria's headline inflation soared by 0.90 per cent to 26.72 per cent in September from 25.80 per cent in August 2023.
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The National Bureau of Statistics, NBS, disclosed this in its September Consumer Price Index report on Monday.
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On a year-on-year basis, the headline inflation rate was 5.94 percentage points higher compared to the rate recorded in September 2022, which was 20.77 per cent.
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This shows that the headline inflation rate (year-on-year basis) increased in September 2023 compared to the same month in the preceding year (i.e., September 2022).
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).
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This means that in September 2023, the rate of increase in the average price level was less than what was recorded in August 2023.
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— Faith Ukanwa