Lagos – Nigeria’s inflation rate surged to 26.72 percent in September, marking a 0.92 percent increase from the previous month’s 25.80 percent, according to the latest Consumer Price Index report from the National Bureau of Statistics.
The upswing in inflation can be primarily attributed to the removal of petrol subsidies and the devaluation of the official exchange rate, both of which have had substantial impacts on consumer prices.
The report states, “In September 2023, the headline inflation rate increased to 26.72 percent relative to the August 2023 headline inflation rate, which was 25.80 percent. Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92 percentage points when compared to the August 2023 headline inflation rate.
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“On a year-on-year basis, the headline inflation rate was 5.94 percent 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 when compared to the same month in the preceding year (i.e., September 2022).”
The inflationary pressures are a concern for the government and consumers, as higher prices for essential goods and services can have a significant impact on the cost of living and the overall economy. The government is likely to continue monitoring the situation closely and may take further steps to mitigate the effects of inflation
