Nigeria’s Inflation Rate Records Ninth Consecutive Increase to 26.72% -NBS
Nigeria’s inflation rate rose to 26.72 per cent based on the latest Consumer Price Index (CPI) report released on Monday by the National Bureau of Statistics (NBS).
This showed that the index grew by 0.92 percentage points higher than the July inflation of 25.80 per cent.
The index is the ninth consecutive rise in inflation rate in the country.
According to the report, the significant increase reflects the impact of the removal of petrol subsidy and the depreciation of the official exchange rate on consumer prices.
In September 2023, the exchange rate between the naira and dollar was as high as N1,006/$1
The NBS revealed that on a year-on-year basis, the headline inflation rate was 5.94 per cent points which was higher when compared to the 20.77 per cent recorded in September 2022.
The Report stated that food inflation in September was 30.64 per cent representing a 1.3 per cent point increase from 29.34 per cent recorded in August.
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On a year-on-year basis, food inflation rose by 7.30 per cent points when compared to the 23.34 per cent recorded in September 2022.
The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yams, and other tubers.
