Worry As Nigeria’s Inflation Rate Rises To 26.7% Amid Rising Food Prices

The National Bureau of Statistics (NBS) has said the Consumer Price Index (CPI) rose to 26.72 per cent in September 2023 from 25.80 per cent in August.

The Bureau made this known in its CPI report for September, released on Monday via its official X account.

Naija News understands that CPI measures the rate of change in prices of goods and services in a country.

The NBS said 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 reads, “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).”