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Nigeria’s headline inflation reaches 9.4 percent
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September's inflation rate marks the ninth consecutive rise in headline inflation.
Nigeria’s headline inflation in September rose to 9.4% Year on Year (YoY), according to the latest data on price movement by the National Bureau of Statistics. The figure rose from 9.3% inflation rate of August.
September's inflation rate marks the ninth consecutive rise in headline inflation.
Food CPI (50.7% of the CPI basket) for September was slightly higher at 10.2% YoY (August: 10.1% YoY).
The NBS reported the impact of the September Muslim holiday may have contributed to higher food prices. Nonetheless, CardinalStone Research said it appears the acceleration in imported food inflation may have exacerbated food inflation.
The Imported Food Index (13.2% of the food CPI) remained in double digits territory at 10.8% YoY (August: 10.4% YoY), reflecting the impact of tighter FX supply on consumer prices.
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