Nigeria’s inflation rate rose to 26.72 per cent in September from 25.80 per cent in August, the National Bureau of Statistics (NBS) said Monday.

According to the latest inflation report released by the NBS, the inflation rose for the ninth straight month to 26.72 percent from 25.80 in the previous month.,

Food inflation rate, which constitute more than 50percent of the general inflation rate quickened to 30.64 percent in September from 29.34 percent in the previous month.

It is the highest in rise in 18 years.

The CPI, which measures the changes in the prices of goods and services, rose from 25.80% in August 2023 with an increase of 0.92% points.

The NBS said: “In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80 per cent.

“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.”

According to the report, the food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30% points higher compared to the rate recorded in September 2022 (23.34%).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs”, the report added.

On a month-on-month basis, the Food inflation rate in September 2023 was 2.45%, this was 1.41% lower compared to the rate recorded in August 2023 (3.87%). The decline in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish,” the Statistics agency added.