Nigeria’s inflation rate soared by 0.90 per cent to 26.72 per cent in September from 25.80 per cent in August 2023.

The National Bureau of Statistics, NBS, disclosed this in its September Consumer Price Index report on Monday.

On a year-on-year basis, the headline inflation rate was 5.94 percentage points higher compared to the rate recorded in September 2022, which was 20.77 per cent.

The report reads: “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).”