Nigeria’s inflation rate rose to 26.72 per cent in September 2023.

This was according to the September 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics.

The CPI, which measures the changes in the prices of goods and services, rose from 25.80 per cent in August 2023 with an increase of 0.92 per cent points.

In 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 per cent points when compared to the August 2023 headline inflation rate.

Furthermore, the report said the food inflation rate in September 2023 was 30.64 per cent on a year-on-year basis, which was 7.30 per cent points higher compared to the rate recorded in September 2022 (23.34 per cent).

According to the report, the rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables, milk, cheese, and eggs.