The September 2024 Headline inflation rate showed an increase of 0.55 per cent compared to the August 2024 headline inflation rate.
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On a year-on-year basis, the headline inflation rate was 5.98 percentage points higher than the rate recorded in September 2023 . The country’s food prices have been rising sharply in recent years, a situation that worsened in 2023 when President Bola Tinubu removed petrol subsidies and allowed the naira to float.This shift has led to a steep increase in the cost of staple foods pushing many Nigerians further into poverty and heightening food insecurity.
In July, Mr Tinubu unveiled some proactive measures meant to address skyrocketing food prices in the country. Amongst it, is the decision to suspend duties, tariffs, and taxes on the importation of essential food items such as beans, wheat, and husked brown rice.
On a month-on-month basis, according to the bureau, the food inflation rate in September 2024 was 2.64 per cent which shows a 0.27 percent age points increase compared to the rate recorded in August 2024 .“The rise can be attributed to the rate of increase in the average prices of beer , vegetable oil, groundnut oil, palm oil, etc , beef, gizzard, dried beef, etc , lipton, milo, bournvita, etc and milk, egg etc .
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