Nigeria's inflation spikes to 26.72% as food prices rise
Nigeria’s inflation rate rose from 25.80% in previous months to 26.72% in September.
The National Bureau of Statistics announced this on Twitter on Monday, October 16, 2023.
The rise in the country’s inflation is linked to the removal of petrol subsidies and the devaluation of the official exchange rate by President Bola Tinubu.
The NBS said, “September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%
“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%
“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).”
According to the NBS, food and non alcoholic beverages are the biggest contributors to the rise in inflation.
The NBS report showed that food inflation rate, which constitute more than 50 % of the general inflation rate quickened to 30.64% in September from 29.34 % in the previous month.
