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Border Closure: Nigeria’s Inflation Rises To 11.24%

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The National Bureau of Statistics has released the Consumer Price Index which measures inflation with the index rising to 11.24 percent in the month of September.

According to report from the National Bureau of Statistics (NBS), the inflation rose by 0.22%, higher than the 11.02% recorded in August and 11.08% in July 2019.

Naija News learnt that the rural inflation rate also increased by 10.77 percent in September 2019 from 10.61 percent in August 2019 while the food inflation increased by 0.34 percentage points to hit 13.51%.

The food inflation number was reported to have been caused by “increases in prices of bread and cereals, oils and fats, meat, potatoes, yam and other tubers, fish and vegetables”.

On a year-on-year basis, the highest food inflation was recorded in Niger (16.65%), Nasarawa (16.57%) and Abuja (16.31%), while the slowest rise was recorded in Akwa Ibom (11.72%), Benue (11.22%) and Bayelsa (9.95%) recorded the slowest rise.

It will be recalled the federal government in August 2019 announced the closure of Nigeria’s land borders as a way of curbing the activities of smugglers and building the nation’s local production capacity.



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