In September 2023, Nigeria’s headline inflation rate experienced a 0.90 percent increase, reaching 26.72 percent, up from 25.80 percent in August 2023. The National Bureau of Statistics (NBS) revealed this information in its September Consumer Price Index report on Monday.
When examined on a year-on-year basis, the headline inflation rate was 5.94 percentage points higher compared to the rate observed in September 2022, which stood at 20.77 percent.
This data indicates that, when comparing September 2023 to the same month in the previous year (September 2022), the headline inflation rate increased. Additionally, on a month-to-month basis, the headline inflation rate for September 2023 was 2.10 percent, which is 1.08 percent lower than the rate reported in August 2023 (3.18 percent).
This means that in September 2023, the rate of increase in the average price level was less than what was recorded in August 2023.