Inflation rate rises to 26.72%

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Abuja, Oct. 16, 2023 – Nigeria’s inflation rate rose to 26.72% in September 2023, the National Bureau of Statistics (NBS) has reported.

The inflation rate was 25.8 percent in August.

The NBS gave the statistics in its monthly Consumer Price Index (CPI) report on Monday.

“In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%.

“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%.”

NBS said food inflation rate was 30.64 percent in September 2023, higher than the 23.34 percent in August.

“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.

“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%). (GBN)

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