Nigerian inflation highest in more than 11 years

PUBLISHED: Mon, 14 Nov 2016 09:03:12 GMT
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Annual inflation in Nigeria accelerated in October to 18.3 percent, the National Bureau of Statistics said on Monday, its highest in more than 11 years and the ninth straight monthly rise, in another sign of the crisis in Africa’s biggest economy.

The rise from 17.9 percent in September reflected higher prices for electricity, clothing and food, a separate index for which rose to 17.1 percent from September’s 16.6 percent, the statistics office said.

“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels,” the statistics bureau said in a statement.

Nigeria, an OPEC member and Africa’s most populous nation, has seen its economy fall into recession for the first time in 25 years, largely because oil prices have fallen. Crude oil sales account for two-thirds of government revenue.

In addition, a series of militant attacks since January have cut oil output and a dollar shortage has frustrated businesses that have struggled to import raw materials for production.

In October, the statistics office revised its forecast for year-end inflation, estimating that the index would end at 17.1 percent to 18 percent, up from its forecast of 9 percent at the start of the year.

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