Nigeria’s economy may be in for a grimmer future with the inflation rate in the country rising to 26.72 percent.
The National Bureau of Statistics, NBS, on Monday announced the new rate via its X handle (Twitter).
It revealed that the rate increased by 0.92 per cent in September from the 25.80 per cent of the previous month.
The NBS report read: “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.
“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).”
