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Nigeria’s annual inflation rate rose for the 11th straight month in July to 12.82 per cent

Nigeria’s annual inflation rate rose for the 11th straight month in July, the nation’s National Bureau of Statistics (NBS) said on Monday.

The statistics office said Inflation climbed to 12.82 per cent, its highest level in more than two years, from 12.56 per cent in June, the National Bureau of Statistics said.

It also that the Coronavirus pandemic took its toll on imports and logistics.

Yields on Treasury bills and bonds have now fallen below inflation, a major stumbling block for the central bank’s push to attract foreign inflows to support the naira and boost the economy.

The Central Bank has weakened the currency twice this year in order to absorb the impact of a sharp fall in crude prices, which have caused a steep decline in growth. The move has also added to inflation.

A separate index for food, which accounts for the bulk of the inflation basket, showed a price increase of 15.48 per cent from 15.18 per cent in June.

Food inflation has been in double digits for more than three years.

Africa’s top oil exporter faces economic hardship from the coronavirus outbreak. The government expects the economy to contract by as much as 8.9 per cent this year.

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