Nigeria’s annual inflation rate rose to 26.72% in September from 25.80% in the previous month.

The National Bureau of Statistics disclosed this on October 16, via its latest Consumer Price Index report for September 2023.

The surge in inflation is primarily attributed to the removal of petrol subsidies and the devaluation of the official exchange rate, both significantly impacting consumer prices.

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According to the report, “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%.