The inflation rate in Nigeria has increased to 26.72 percent, up 0.92 percent from 25.80 percent the previous month.

This was announced on Monday by the National Bureau of Statistics in its most recent Consumer Price Index data for September 2023. It was distributed over NBS's X handle.

The elimination of gasoline subsidies and the depreciation of the official currency rate, both of which had a significant impact on consumer prices, are mostly to blame for the increase in inflation.

According to the statement, "September 2023 saw an increase in the headline inflation rate from 25.80% in August to 26.72% in September.

“ Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92 percentage points when compared to the August 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 5.94 per cent points higher compared to the rate recorded in September 2022, which was 20.77 per cent.

” This shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).”