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A New High

Yesterday, the Nigerian Bureau of Statistics (NBS) released the inflation report for September 2023. Headline inflation soared by 92bps Year-on-Year (YoY) to 26.72% (vs 25.80% YoY in August 2023). The increase in headline inflation can be attributed to the rise in the food inflation (+130bps YoY to 30.64%) and core inflation (+69bps YoY to 21.84%). On a Month-on-Month (MoM) basis, headline inflation declined by 108bps MoM to settle at 2.10% (vs. 3.18% MoM in August 2023). This is following a dip in food inflation as it went down by 141bps MoM to settle at 2.45% (vs. 3.87% MoM in August 2023). However, core inflation increased by 5bps MoM to 2.22% (vs. 2.18% MoM in August 2023).

Click here for the full report.

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