Nigeria’s inflation rate for August rose to 13.22%, continuing its 29-month surge.

This is according to the latest Consumer Price Index CPI report released by the National Bureau of Statistics.

The CPI report released by the agency said that the over two-year high is largely due to the supply disruption of goods and services caused by the covid-19 pandemic.

The report also showed that food inflation hit the 16% mark in the month in review from the 15.48% recorded in July, signalling the impact of rising prices of basic food items.

In a recent development, the Central Bank has 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 coronavirus pandemic, which has curtailed economic activity and created disruptions.