The nation’s headline inflation rate surges to 26.72 per cent in the month of September as prices goods and services continue to skyrocketed. The growth in headline inflation rate was significant , compared with August’s rate of 25.80 percent, as reported by the National Bureau of Statistics (NBS).
This increase in the September inflation figure represented a substantial 0.92 percent uptick in the headline inflation rate, reflecting the nation’s ongoing economic challenges.
On a year-on-year basis, the headline inflation rate showed a significant rise, standing at 5.94 percent higher than in September 2022, which recorded an inflation rate of 20.77 percent.
This year-over-year increase highlights the mounting pressure of inflationary forces in Nigeria’s economy.
Moreover, when assessing the month-on-month data, September 2023 reported an inflation rate of 2.10 percent, indicating a 1.08 percent decrease compared to the 3.18 percent rate observed in August 2023.
This suggests that the rate of price increases during September was somewhat slower compared to the preceding month, although challenges persist.
The Consumer Price Index (CPI) serves as a crucial metric for tracking changes in the average prices of goods and services consumed by the population.
The construction of the CPI draws on economic theory, sampling methods, and other statistical techniques using data from various surveys to provide a weighted measure of average price fluctuations within the Nigerian economy.
