Tuesday, December 5, 2023

Inflation highest in two years as food prices keep rising

The new inflation rate is the highest since March 2018.

• October 15, 2020
Food Items at Utako Market, Abuja (Credit: Ahmed Oluwasanjo)
Food Items at Utako Market, Abuja (Credit: Ahmed Oluwasanjo)

Nigeria’s inflation rate rose to 13.71 percent in September, the National Bureau of Statistics (NBS) said in a monthly inflation report on Thursday. It was 13.22 percent in August.

The new inflation rate is the highest since March 2018 when it was 13.34 percent.

Food inflation was 16.66 percent in September this year, and cost of food items such as bread and rice rose the highest in the month. Air and road transport fares also increased.

Higher petrol prices have also contributed to inflation this year. Businesses are paying more to transport goods and services and these added costs are passed on to consumers.

Labour unions are negotiating with Abuja to mitigate the rising cost of living.

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