Abuja, October 16, 2023 – Nigeria is grappling with an inflation crisis as the inflation rate has soared to 26.72 percent, reflecting a 0.92 percent increase compared to the previous month’s 25.80 percent. This concerning development was announced by the National Bureau of Statistics in its latest Consumer Price Index report for September 2023, disseminated through the official NBS channel.
The spike in inflation is predominantly attributed to the elimination of petrol subsidies and the depreciation of the official exchange rate, both of which have exerted significant pressures on consumer prices.
The official statement from the National Bureau of Statistics reads, “In September 2023, the headline inflation rate surged to 26.72 percent, marking a notable increase from the August 2023 headline inflation rate of 25.80 percent.
“When assessing the trajectory, the September 2023 headline inflation rate displayed a sharp rise of 0.92 percentage points in comparison to the August 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate registered an alarming increase of 5.94 percent points when compared to the rate recorded in September 2022, which stood at 20.77 percent. This underscores the fact that the headline inflation rate on a year-on-year basis experienced a substantial surge in September 2023 when contrasted with the same month in the preceding year, namely September 2022.”
The surge in inflation is a critical concern for Nigeria’s economy, and its repercussions are being closely monitored by both government officials and economic analysts.