Nigeria’s inflation increased by 0.05% in Sept.

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Abuja – The National Bureau of Statistics (NBS) says the Consumer Price Index, (CPI) which measured inflation for September increased to 11.28 per cent (year-on-year) from 11.23 per cent recorded in August.

The NBS disclosed this in its “CPI and Inflation Report” for September released in Abuja. According to the Bureau, the figure is 0.05 per cent points higher than the rate recorded in August.

The report showed that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On month-on-month basis, NBS said that the Headline Index increased by 0.84 per cent in September down by 0.21 per cent points from the rate recorded in August (1.05 per cent).

It said that the percentage change in the average composite CPI for the 12 months period ended September over the average of CPI for the previous 12 months period.

Naira down to N359.5/$ in parallel market It however measured the CPI at 13.16 per cent in the period under review, showing 0.39 per cent point from 13.55 per cent recorded in August. (NAN)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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