Nigeria’s inflation rate rose to 26.72% in September 2023, according to data released by the National Bureau of Statistics (NBS).
This represents a 0.92% increase from the previous month’s rate of 25.80%.
The surge in inflation is primarily attributed to the removal of petrol subsidy and the devaluation of the official exchange rate, both of which have had a significant impact on consumer prices.
Month-on-month inflation also rose to 2.18%, representing a 1.08% difference from the previous month of August.
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