Annual inflation rises in August as pandemic disrupts activity in Nigeria

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The National Bureau of Statistics has revealed on Tuesday that Annual inflation rates 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.

Bureau disclosed that inflation rates rose to 13.22% last month from 12.82% in July.

Earlier,the Central Bank of Nigeria has stated that 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 impacted negatively on economic activities and created disruptions.

The NSB said that prices increased in August across the range of goods and services, climbing more in cities than in rural areas.

Also, the 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. The inflation of food stuff has been in double digits for more than three years.

Coronavirus outbreak has caused economic hardship in Nigeria and the plunge in crude prices has affected The income of The government greatly as The country largely depends on export of crude oil as major revenue earning.

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

About the author

Joseph Chukwuma Oputa

Joseph Chukwuma Oputa is the Managing Editor of Maslow Businessnews and Physicians News publications published by Maslow Business News Publications, Lagos, Nigeria.

Joseph Oputa is a proud Alumnus of the prestigious Nigerian Institute of Journalism, Lagos and Federal Polytechnic, Bida, Niger State.

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