Nigeria’s Inflation hit a 17-year high of 20.5% in August, the seventh consecutive rise of the year that follows July’s 19.6%. That’s the highest level since September 2005 and is more than double the 9% ceiling that the central bank targets.
The National Bureau of Statistics said food inflation in August was 23%, up from 22% in July, on the back of an increase in the cost of essentials such as bread, cereals, meat and other items.
On a monthly basis, consumer prices rose 1.77%, following a 1.82% increase in July.
Core inflation, which excludes food and energy prices, rose to 17.2% as the depreciating currency and high transportation costs took their toll.
The Nigerian currency has depreciated by almost 25% against the dollar since the start of the year. The country’s central bank has increased interest rates by 250 basis points to 14% since May.
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