Israel Adeleke
The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI) and Inflation Report for September 2023, which shows that the inflation rate in Nigeria increased to 26.72% from 25.80% in August 2023.
The organization that released the data on its website stated that it is the summary of the CPI and Inflation Report for September 2023.
According to the report, the inflation rate in September 2023 was 0.92 percentage points higher than the rate recorded in August 2023, indicating a faster rise in the general level of prices of goods and services in the economy.
On a year-on-year basis, it’s revealed that the inflation rate in September 2023 was 5.94 percentage points higher than the rate recorded in September 2022, which was 20.77%.
This means that the prices of goods and services in September 2023 were significantly higher than the prices in September 2022.
The data source is available on the [NBS website].
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