Nigeria’s inflation hits 26.72% in September – NBS report

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Nigeria's inflation hits 26.72% in September - NBS report
Nigeria's inflation hits 26.72% in September - NBS report

The National Bureau of Statistics (NBS) has released its latest Consumer Price Index (CPI) report for September 2023, revealing a notable increase in inflation.

The new figures indicate that inflation has risen to 26.72%, marking a 0.92 percentage point increase compared to the previous month’s rate of 25.80%.

This surge in inflation can be attributed primarily to the removal of petrol subsidies and the devaluation of the official exchange rate, both of which have had a significant impact on consumer prices in the country.

The month-on-month data shows that inflation increased by 2.18% in September, representing a 1.08% difference from the previous month of August.