In September 2023, Nigeria witnessed a significant rise in its headline inflation, which increased by 0.90 percent, reaching 26.72 percent, compared to the 25.80 percent recorded in August of the same year. This data, unveiled in the September Consumer Price Index report by the National Bureau of Statistics (NBS), reveals a concerning trend in the country's inflationary pressures.
On a year-on-year basis, this surge in headline inflation signifies a notable increase of 5.94 percentage points when compared to the rate in September 2022, which stood at 20.77 percent. It's evident that the inflation rate in September 2023, when measured year-on-year, has surged compared to the corresponding month in the preceding year, September 2022.
Moreover, examining the data on a month-on-month basis, the report indicates that the headline inflation rate for September 2023 was 2.10 percent, reflecting a notable decrease of 1.08 percent compared to the rate recorded in August 2023, which was 3.18 percent. This particular aspect of the report suggests that the rate of increase in the average price level during September 2023 was less pronounced than what was observed in August 2023.
These statistics shed light on the changing economic landscape in Nigeria, where inflationary pressures are becoming a growing concern. It is essential for policymakers and economic stakeholders to closely monitor and address the factors contributing to this upward trajectory in inflation to ensure the country's economic stability and the well-being of its citizens.
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