Nigeria’s inflation rate hits 26.72%, highest in 17 years

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.

The National Bureau of Statistics disclosed this on Monday via its latest Consumer Price Index report for September 2023.

The report was shared on the X handle of NBS.

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.

“ 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).”