Nigeria has witnessed a significant rise in its headline inflation rate, with figures climbing to 26.72 percent in September from 25.80 percent in August 2023, as revealed by the National Bureau of Statistics (NBS) in its September Consumer Price Index report released on Monday.
On a year-on-year basis, the headline inflation rate was 5.94 percentage points higher compared to the rate recorded in September 2022, which was 20.77 percent.
This shows that the headline inflation rate (year-on-year basis) increased in September 2023 compared to the same month in the preceding year (i.e., September 2022).
Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10 per cent, 1.08 per cent lower than the rate recorded in August 2023 (3.18 per cent).
This means that in September 2023, the rate of increase in the average price level was less than what was recorded in August 2023.