Nigeria’s headline inflation rate has risen to a new 18-year high of 26.72 percent in September 2023 on the back of higher food prices and soft drink.
According to the latest inflation report released by the National Bureau of Statistics on Monday, the inflation rose for the ninth straight month to 26.72 percent from 25.80 in the previous month.
This was according to the September 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS) on Monday.
The CPI, which measures the changes in the prices of goods and services, rose from 25.80% in August 2023 with an increase of 0.92% points.
“In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%,” the report partly read.
“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%.”
Furthermore, the report said the food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30% points higher compared to the rate recorded in September 2022 (23.34%).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.
On a month-on-month basis, the Food inflation rate in September 2023 was 2.45%, this was 1.41% lower compared to the rate recorded in August 2023 (3.87%).
