Data released by the National Bureau of Statistics (NBS) on Monday revealed that Nigeria’s headline inflation rose to 26.72% in September from the 25.80% recorded in the previous month.
“In 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,” the report released by NBS read.
On a year-on-year basis, the headline inflation rate was 5.94 percent points higher compared to the 20.77% recorded in September 2022.
Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.1 percent which was 1.08 percent lower than the rate recorded in August 2023 (3.18 percent).
“This means that in September 2023, the rate of increase in the average price level was less than the rate of increase in the average price level in August 2023.”
On food inflation, NBS said: “The Food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30 percentage points higher compared to the rate recorded in September 2022 (23.34 percent).
The continued rise in the country’s inflation rate comes as the President Bola Tinubu-led government is yet to find a solution to the country’s economic woes after the recent removal of fuel subsidy and the unification of the country’s forex market.
News About Nigeria recalls that President Bola Tinubu had on assumption of office announced the immediate removal of fuel subsidy.
Mr Tinubu, as part of his effort to change the country’s economic fortunes, also announced an end to the country’s multiple exchange rate regime.
Recall that the immediate past President, Muhammadu Buhari had earlier imposed a series of bans on importation as he intensified efforts to promote locally produced items.
However, President Bola Tinubu has reversed some economic moves made by his predecessor as he looks to revive the country’s economy.
