September 18, 2020/Cowry Asset Report

In line with our expectations, the National Bureau of Statistics (NBS) reported a 13.22% rise in annual inflation rate for the month of August (the highest since March 2018) from 12.82% printed in July.

Further breakdown showed that annual food inflation jumped to 16.00% in August from 15.48% it printed in July. The increase in food inflation rate was chiefly due to the sustained pressure on the food basket amid flood cases in food producing areas of the country.

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