The Nigerian Bureau of Statistics on Monday, announced the rise of the nation’s annual inflation to 26.72% in September from 25.8% in August.
Inflation in Africa’s biggest economy has risen to double-digits since 2016, eroding incomes and savings, and prompting the central bank to hike interest rates to their highest level in nearly two decades.
On a year-on-year basis, the inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%, indicating an increase when compared to the same month in the preceding year.
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%).
“Food and non-alcoholic beverages were the biggest contributors to the rise in inflation,” the bureau said.
Chioma Kalu
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