In September 2023, Nigeria witnessed a noteworthy surge in headline inflation, rising by 0.90 percent to reach 26.72 percent, as reported by the National Bureau of Statistics (NBS) in its latest Consumer Price Index update on Monday.
In comparison to September 2022, the year-on-year headline inflation rate demonstrated a substantial increase of 5.94 percentage points, with the previous year’s rate standing at 20.77 percent.
This data underscores a clear escalation in the year-on-year headline inflation rate for September 2023 when compared to the corresponding month in the previous year, September 2022.
Additionally, when examining the month-on-month metrics, the headline inflation rate for September 2023 was 2.10 percent, marking a decrease of 1.08 percent from August 2023, when it stood at 3.18 percent.
Consequently, the data indicates that in September 2023, the rate of inflation, as measured on a monthly basis, was relatively lower, signifying a moderation in the pace of the increase in the average price levels compared to the preceding month, August 2023.
