Nigeria’s inflation rate rose to 11.28% year on year for the month of September 2018. This compares to the 11.23% reported in August 2018. This is according to data from the National Bureau of Statistics.
Nigeria has now recorded a second rise in inflation, after 18 consecutive months of dis-inflation.
This chart includes inflation rate data since January 2016.
Consumer Price Index – Inflation
According to the definition of the National Bureau of Statistics, the Consumer Price Index (CPI) measures the average change over time in prices of goods and services consumed by people for the day-to-day living.
CPI of the same month in the current year is known as Inflation Rate. Inflation is thus the rise in prices of goods and services over a period of time.