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Nigerian inflation seen at 14.15% this year as virus takes toll -central bank

Published 14/09/2020, 13:36
Updated 14/09/2020, 13:42
© Reuters.

By Chijioke Ohuocha
ABUJA, Sept 14 (Reuters) - Nigeria inflation is expected to
rise up to 14.15% at the end of December, the central bank said,
citing supply shocks due to fall in economic activity and
disruptions caused by the novel coronavirus pandemic.
Inflation climbed to 12.82% in July, its eleventh month
rise, to remain at its highest level in more than two
years. Nigeria is due to release August inflation
data on Tuesday.
The central bank said in a report on Friday that low
manufacturing capacity compared with rising demand for imported
goods has affected the economy with a food supply shock.
"Headline inflation is expected to hover around 13.97% and
14.15% at end December 2020," the central bank said.
Food inflation, a separate index which accounts for the bulk
of the inflation basket, has been in double digits for more than
three years.
Africa's largest economy contracted 6.1% in the second
quarter and now faces a possible recession in third quarter. The
west African has been badly hit by the coronavirus outbreak.
The government expects the economy to contract by as much as
8.9% this year.
The central bank said it wanted to curb inflation to a level
that is conducive for growth through liquidity management. It
has said it aimed to maintain inflation within a target band of
6% to 9%, which it is yet to achieve.

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