Nigeria’s Inflation Rises For 12 Consecutive Month

Nigeria’s National Bureau of Statistics on Tuesday said inflation in the West African country climbed to 13.22% in August amidst a disruption in the supply of goods and services due to the coronavirus (COVID-19) pandemic.

Nigeria’s inflation was 12.82% in July.

The figure for August indicates a rise in Nigeria’s annual inflation for the 12th month in a row, reaching a more than two-year high as the coronavirus pandemic disrupted the supply of goods and services.

Inflation climbed to 13.22% last month from 12.82% in July, the National Bureau of Statistics said on Tuesday.

The Central Bank of Nigeria (CBN) has said inflation is likely to rise to up to 14.15% at the end of December due to supply shocks as a result of the coronavirus pandemic, which has curtailed economic activity and created disruptions.

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Prices increased in August across the range of goods and services, rising more in cities than in rural areas, the statistics office said.

A separate index for food, which accounts for the bulk of the inflation basket, showed prices rose 16% last month compared with 15.48% in July.

This rise in the food index was attributed to increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables.

Food inflation has been in double digits for more than three years.

Core inflation also rose to 10.52% in August 2020, up by 0.42% points when compared with 10.1% recorded in July 2020.

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The highest increase was recorded in prices of Passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment.

Others are Vehicle spare parts, Motor cars, Passenger transport by road, Repair of furniture and Paramedical services.

Africa’s top oil exporter faces economic hardship from the coronavirus outbreak and this year’s plunge in crude prices.

The government expects the economy to contract by as much as 8.9% this year.

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