December 15, 2016 / 8:39 AM / in a year

UPDATE 1-Nigerian inflation rises to 18.48 percent in November

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By Alexis Akwagyiram

LAGOS, Dec 15 (Reuters) - 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)

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