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By Alexis Akwagyiram
LAGOS Dec 15 Annual inflation in Nigeria rose
in November to 18.48 percent, the National Bureau of Statistics
said on Thursday, its highest in more than 11 years and the
tenth 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 Africa's largest economy
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 percent of government revenue.
President Muhammadu Buhari on Wednesday 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.
(Editing by Angus MacSwan)