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UPDATED: Nigeria’s inflation hits 26.72% in September

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The inflation rate in Nigeria has hit an all-time high of 26.72 per cent in September 2023, a 0.92 per cent increase from August 2023 which stood at 25.80 per cent.

This was contained in a statement shared by the National Bureau of Statistics (NBS) on its “X”, previously Twitter, handle on Monday, showing its latest Consumer Price Index report for September 2023.

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The statement reads: “September 2023, the headline inflation rate increased to 26.72 per cent 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 percentage points when compared to the August 2023 headline inflation rate.

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

“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).”

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Experts have attributed the sharp rise of inflation to the removal of petrol subsidies and the devaluation of the official exchange rate by the President Bola Ahmed Tinubu Government.

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