Nigeria’s Inflation Rate Hits 17.9% In September

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nigeria economy recession

By Modupe Gbadeyanka

The inflation rate in Nigeria rose to 17.9 percent in the month of September, the National Bureau of Statistics (NBS) disclosed in its latest report.

In the report released on Friday, the NBS explained that the rate was up by 0.24 percent in the month under review, noting that the headline inflation eased to 0.8 percent last month, against 1.0 percent growth in the month of August.

Energy and energy-related prices recorded the largest increases reflected in the core sub-index, the NBS said.

According to the report, “During the month, the highest increases were seen in the electricity, liquid fuel (kerosene), solid fuels, and fuels and lubricants for personal transport equipment groups.

“Communication and restaurants and hotels recorded the lowest rates of increase of the 12 divisions, growing by 5.6 per cent and 9.6 per cent respectively.”

It added that price movements recorded by all items less farm produce or core sub-index increased by 17.7 per cent year-on-year in September, up by 0.5 per cent points from rates recorded in August (17.2 per cent).

“During the month, the highest increases were seen in clothing materials, other articles of clothing and clothing accessories, garments, shoes and other footwear, books and stationeries, jewellery, clocks and watches, and motorcycles.”

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