Nigeria’s inflation rate rises to 26.7%

Nigeria’s problems continue to get dire as the economy plummets with a recent index report by the National Bureau of Statistics on the country’s recent inflation rate.

In a recent report by the National Bureau of Statistics (NBS), the Consumer Price Index (CPI) for September 2023 showed a notable increase, reaching 26.72%, compared to 25.80% in August of the same year.

The NBS unveiled these figures in its official CPI report for September, which was released on Monday. The Consumer Price Index is a crucial metric that tracks the fluctuations in prices of goods and services within a country.

The NBS attributed this surge in inflation to two primary factors: the removal of petrol subsidies and the devaluation of the official exchange rate, both of which have had significant impacts 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%.

“Analyzing the data, the September 2023 headline inflation rate showed an increase of 0.92 percentage points when compared to the August 2023 figure.”

“On a year-on-year basis, the headline inflation rate was 5.94% higher compared to the rate recorded in September 2022, which was 20.77%.

“This indicates a substantial year-on-year increase in the headline inflation rate in September 2023 when compared to the same month in the preceding year, September 2022.”

With Nigeria’s inflation rate growing month to month amidst already harshening economic challenges, the masses are primed for an even harsher climate moving forward.