Nigerian inflation rises further to 18.48 percent in November
Annual inflation in Nigeria rose in November to 18.48 percent, the National Bureau of Statistics (NBS) said on Thursday, representing the highest in more than 11 years and the tenth straight monthly rise.
The rise from 18.3 per cent in October reflected higher prices for housing, electricity and food, a separate index which rose to 17.19 percent from 17.1 per cent in October, the statistics office said.
According to NBS, “During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing materials and other articles of clothing,” the statistics office said in a statement.
Galloping inflation comes as the country’s economy grapples with its first recession in 25 years, largely caused by the fall in global oil prices since 2014 as the crude oil sales account for 70 per cent of government income.
On Wednesday, President Muhammadu Buhari presented a record 7.298 trillion naira ($23.97 billion) budget for 2017 aimed at stimulating growth and pulling the economy out of recession.
The soaring cost of living in Nigeria, where the United Nations estimates that 70 percent of the population live on a dollar a day, has prompted widespread anger at Buhari’s handling of the economy.
