Nigeria’s inflation reached 26.72% for the ninth time in 2023, driven by rising food prices, according to the National Bureau of Statistics’ September Consumer Price Index report.
The National Bureau of Statistics reported a 5.94 percentage point increase in the headline inflation rate from 20.77 percent in September 2022
The headline inflation rate increased year-on-year in September 2023 compared to the same month in the previous year.
In September 2023, the headline inflation rate was 2.10%, a 1.08% decrease from August’s rate of 3.18%.
In September 2023, the average price level increased at the highest rate in 18 years, falling below the record set in August 2023.