The report from the National Bureau of Statistics show that headline inflation was higher at 13.71% YoY in September (vs 13.22% YoY in August), also 22bps higher than our forecast of 13.49%. The food index rose by 16.66% YoY (vs 16.00% YoY in August) as price increases were witnessed on key food items like bread and cereals, potatoes, yam, and meat, amongst others.
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