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Worries Grow Over Nigeria’s Inflation Rate Reaching 26.7% Escalating Food Costs
Worries Grow Over Nigeria’s Inflation Rate Reaching 26.7% Escalating Food Costs....KINDLY READ THE FULL STORY HERE▶

The National Bureau of Statistics (NBS) has reported that the Consumer Price Index (CPI) surged to 26.72% in September 2023, marking an increase from August’s 25.80%. This information was disclosed in the September CPI report released by the NBS via its official X account on Monday.
The CPI serves as a gauge of the rate of change in prices of goods and services within a country. The NBS attributed the notable increase in inflation to the removal of petrol subsidies and the devaluation of the official exchange rate, both of which have had a substantial impact on consumer prices.
The report states, “In September 2023, the headline inflation rate increased to 26.72% compared to the August 2023 headline inflation rate of 25.80%. When analyzing the movement, the September 2023 headline inflation rate exhibited a rise of 0.92 percentage points when compared to August 2023.
On a year-on-year basis, the headline inflation rate was 5.94% higher than the rate recorded in September 2022, which stood at 20.77%. This indicates that the headline inflation rate on a year-on-year basis increased in September 2023 compared to the same month in the preceding year, September 2022.”
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