In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%, the National Bureau of Statistics has said.
In it’s CPI and Inflation Report for September, released Monday in Abuja, the bureau said the rates showed a showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.
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).
Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10%, which was 1.08% lower than the rate recorded in August 2023 (3.18%).
This means that in September 2023, the rate of increase in the average price level was less than the rate of increase in the average price level in August 2023.
