Nigeria’s September Inflation Rate

According to the National Bureau of Statistics (NBS), Nigeria experienced a significant increase in its Consumer Price Index (CPI) in September 2023.

The CPI rose to 26.72 percent, up from 25.80 percent in August of the same year.

NBS CPI Report

The NBS shared this data in its official CPI report for September, which was released on Monday.

The CPI serves as a metric for measuring the rate of change in prices of goods and services within a country.

Factors Behind the Inflation Surge

The NBS attributed the surge in inflation to two primary factors.

First, the removal of petrol subsidies played a significant role in driving up consumer prices.

Second, the devaluation of the official exchange rate had substantial impacts on inflation.

These combined factors resulted in the notable increase in the CPI.

Details from the NBS Report

The NBS report elaborated on the inflation increase in September 2023.

The headline inflation rate rose by 0.92 percentage points compared to the previous month, August 2023, indicating a swift escalation in inflation.

Furthermore, the report highlighted that the headline inflation rate, when assessed on a year-on-year basis, was 5.94 percent points higher than the rate recorded in September 2022, which stood at 20.77 percent.

Year-on-Year Inflation Comparison

The year-on-year comparison revealed that inflation in September 2023 exceeded the rate observed in the same month of the preceding year, September 2022.

This data underscores the upward trajectory of inflation, illustrating that it has notably increased over this one-year period.