September 2023 Sees an Increase in Nigeria’s Inflation Rate

According to a report from the National Bureau of Statistics (NBS) released on Monday, Nigeria experienced an increase in its headline inflation rate in September 2023.

The headline inflation rate for the month stood at 26.72%, compared to the August 2023 rate of 25.80%. This signifies a 0.92% point increase in the headline inflation rate from the previous month.

On a year-on-year basis, the September 2023 headline inflation rate was 5.94% points higher than that recorded in September 2022, which was at 20.77%. This indicates a considerable increase in the year-on-year headline inflation rate from September 2022 to September 2023.

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Furthermore, when analyzing the data on a month-on-month basis, the headline inflation rate for September 2023 was 2.10%. This figure was 1.08% lower than the August 2023 rate, which was recorded at 3.18%. This suggests that the rate of increase in the average price level during September 2023 was less pronounced compared to the preceding month, August 2023.

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