As food prices climb, Nigeria's inflation soars to 26.72 percent

The primary causes of the increase in inflation are food and non-alcoholic beverages. Inflation in Nigeria increased from 25.80% in earlier months to 26.72% in September. On Monday, October 16, 2023, the National Bureau of Statistics made this announcement on Twitter. Inflation in the nation has increased as a result of President Bola Tinubu's devaluation of the official currency rate and the elimination of gasoline subsidies. According to the NBS, the headline inflation rate jumped to 26.72% in September 2023 from 25.80% in August 2023. "Looking at the change, the headline inflation rate for September 2023 increased by 0.92% points when compared to the headline inflation rate for August 2023. "The headline inflation rate was 5.94% points higher year over year," compared to the rate recorded in September 2022, which was 20.77% "This shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).”