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JUST-IN: Inflation Rate Up To 26.72% In Nigeria

by Mark Itsibor
2 years ago
in Business
inflation
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In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate, which was 25.80%, the National Bureau of Statistics (NBS) said in a report released on Monday.

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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%.

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).

Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10%, which was 1.08% lower than the rate recorded in August 2023 (3.18%).

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This means that in September 2023, the rate of increase in the average price level was less than the rate of increase in the average price level in August 2023.


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Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

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