Nigeria’s inflation rate has hit an all time high as the figure climbed to 26.72 percent, recording a 0.92 percent increase from the previous month’s 25.80 per cent.
According to the National Bureau of Statistics’ (NBS’s) latest Consumer Price Index report for September 2023, the upsurge in inflation is mainly linked to the removal of petrol subsidies and the devaluation of the official exchange rate, both exerting substantial impacts on consumer prices.
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“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,” NBS revealed on its X official handle.
