Nigeria’s inflation rate rose to 26.72% in September 2023 amid soaring food prices and harsh economic realities.
The latest figures were released yesterday in the National Bureau of Statistics (NBS) September 2023 Consumer Price Index (CPI) and Inflation Report.
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.
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Food inflation rate in September 2023 stood at 30.64% on a year-on-year basis, indicating a 7.30% points rise compared to the rate recorded in September 2022.
The NBS says the price increases were recorded across various food items including oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.
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