Annual inflation in Nigeria rose in September for the 13th month in a row, hitting a more-than two-year high, as disruption to supply chains and services by the coronavirus pandemic continued to have an impact.
Inflation rose to 13.71% last month, compared with 13.22% in August, the National Bureau of Statistics said in a report on Thursday. A separate food price index showed inflation at 16.66% last month, compared with 16.00% percent in August.
The central bank in September 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 pandemic, which has curtailed economic activity and created disruptions.
Prices rose in September across the range of goods and services, rising more in cities than in rural areas, the statistics office said.
“The urban inflation rate increased by 14.31 percent (year-on-year) in September 2020 from 13.83 percent recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020 from 12.65 percent in August 2020,” its report said.
Nigeria, which has Africa’s largest economy and is the continent’s top oil exporter, has been hit hard by this year’s plunge in crude prices. The government expects the economy to contract by as much as 8.9% this year.