Nigeria's headline inflation witnessed a notable increase, surging by 0.90% to reach 26.72% in September, as reported by the National Bureau of Statistics (NBS) in its latest Consumer Price Index released on Monday. This uptick in inflation represents a rise from the August 2023 figure, which stood at 25.80%.
In a year-on-year comparison, the headline inflation rate for September 2023 was significantly elevated, marking a 5.94 percentage point increase from the rate recorded in September 2022, which stood at 20.77%. This reveals a substantial escalation in the headline inflation rate when comparing September 2023 to the same month in the preceding year, highlighting the challenges of rising prices.
Additionally, when considering a month-on-month perspective, the headline inflation rate for September 2023 amounted to 2.10%, reflecting a notable decrease of 1.08% from the rate recorded in August 2023, which was 3.18%. This signifies that in September 2023, the rate of price increase, on average, was lower than what was observed in the preceding month, August 2023.
These inflation figures offer valuable insights into the economic landscape, reflecting the changes in the cost of living and the challenges of price stability faced by Nigeria, potentially affecting various aspects of the economy and the lives of its citizens.
