Nigeria’s inflation rate rose to twenty-six point seven-two in September 2023 amid soaring food prices and harsh economic realities occasioned by the removal of fuel subsidy in May.
This was according to the September 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS) on Monday.
The Consumer Price Index, which measures the changes in the prices of goods and services, rose from twenty-five point eight-zero percent in August 2023 with an increase of zero point nine-two percent points.
The Index, according to the National Bureau of Statistics, rose to twenty-six point seven-two percent in September 2023.
Meanwhile, on an annual basis, the inflation rate was five point nine-four percent higher compared to the rate recorded in September 2022, which was twenty point seven-seven.