Annual inflation in Nigeria rose in December to 18.55 percent, the National Bureau of Statistics said on Friday, its highest in more than 11 years and the eleventh straight monthly rise.
The rise from 18.48 percent in November was driven by surges in housing, water and electricity, while a separate food index also rose to 17.39 percent from 17.19 percent in November, the statistics office.
Related; Donald Trump Will be attending Nigeria’s Oil Roadshow
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.
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.
(Reuters, Kenyan Wall Street)
