Nigeria inflation increases to 26.72%

Nigeria’s inflation rate has increased to 26.72 per cent, marking a 0.92 per cent increase from the previous month’s 25.80 per cent.

The National Bureau of Statistics in a report released on Monday, October 16, linked the increased inflation to removal of petrol subsidies and the devaluation of the official exchange rate. The recent developments exerted substantial impacts on consumer prices.

The report read; 

“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).”