Nigeria’s inflation rate hits 26.72% – NBS

Nigeria's inflation rate hit an all-time high of 26.72 per cent, a 0.92 per cent increase from the previous month's 25.80 per cent, according to the National Bureau of Statistics (NBS).

The NBS's latest Consumer Price Index data for September 2023 shows the increase in inflation is mostly due to the elimination of gas subsidies and the depreciation of the official currency rate, both of which have a significant impact on consumer costs.

“September 2023, the headline inflation rate increased to 26.72 per cent relative to the August 2023 headline inflation rate which was 25.80 per cent. Food Inflation in September 2023 was 30.64%,” NBS disclosed on its official X account.