Nigeria’s Inflation Rate Soars To 26.72 Percent

Abuja, Nigeria– Nigeria’s inflation rate has risen to 26.72%, indicating a 0.92% uptick from the previous month’s 25.80%.

In a report published on Monday, October 16, the National Bureau of Statistics attributed the rising inflation to the removal of petrol subsidies and the devaluation of the official exchange rate.

“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).”