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Nigeria Inflation September 2023

Nigeria: Inflation comes in at highest level since August 2005 in September

Inflation came in at 26.7% in September, up from August’s 25.8%. September’s result was the highest inflation rate since August 2005. Looking at the details of the release, prices for food and housing rose at a quicker pace in September. Meanwhile prices for transportation were mostly stable from the previous month’s reading.

The trend pointed up, with annual average inflation coming in at 22.9% in September (August: 22.4%). Meanwhile, core inflation rose to 22.1% in September, from August’s 21.5%.

Lastly, consumer prices rose 2.10% in September over the previous month, moderating from the 3.18% increase logged in August. September’s result marked the weakest reading since May.

Inflationary pressures have intensified in recent months due to the government’s removal of fuel subsidies in May, and the naira’s downfall, following the Central Bank’s decision to reduce interventions in FX markets in June. Strong powerful first- and second-round pass-through effects will keep inflation elevated in the coming quarters.

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