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UPDATE 1-Nigeria annual inflation rises in August as pandemic disrupts activity

Published 15/09/2020, 09:17
Updated 15/09/2020, 09:18
© Reuters.

© Reuters.

(Adds details)
ABUJA, Sept 15 (Reuters) - Annual inflation in Nigeria rose
in August 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 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.
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 16.0% last month
compared with 15.48% in July. Food inflation has been in double
digits for more than three years.
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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