The National Bureau of Statistics said on Thursday that the annual inflation rate in Nigeria has risen to 18.48%. The highest in more than 11 years and and the 10th straight monthly rise.
The rise from 18.3 percent in October reflected higher prices for housing, electricity and food, a separate index for which rose to 17.19 percent from 17.1 percent in October, the statistics office said.
“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 Nigeria grapples with its first recession in 25 years, largely caused by the fall in global oil prices since 2014. Crude oil sales account for 70% of government revenue.
Meanwhile President Muhammadu Buhari on Wednesday presented a record N7.298 trillion ($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 poor handling of the economy.
