Nigeria inflation increased for 13th consecutive months
Nigeria’s inflation rose again in November, driven by higher food, petrol and electricity prices, data showed Thursday, with analysts saying that the upward trend may not be over.
It is the 13th consecutive monthly rise for the West African country, with the government struggling since August to pull the economy out of recession.
The announcement comes six months after Nigeria’s central bank let the naira float, causing a sharp decline in the currency’s value against the dollar and pushing up the price of imported goods.
“The Consumer Price Index (CPI) which measures inflation increased by 18.48 percent (year-on-year) in November 2016, 0.15 percentage points higher than the rate recorded in October (18.33 percent),” the National Bureau of Statistics (NBS) said in a statement.
On Wednesday, President Muhammadu Buhari unveiled a plan to spend 7.3 trillion naira ($23 billion) in 2017, a 20-percent boost over this year’s spending, to “pull the economy out of recession as quickly as possible”.
The statistics agency said food items increased by 17.2 percent (year-on-year) in the month under review, up 0.1 points from the October rise.
The Nigerian economy has been hammered by the global crash in prices for oil — worth 70 percent of its revenue and the bulk of its dollars — and ongoing rebel attacks on oil infrastructure in the southern swamplands.
It is the 13th consecutive monthly rise for the West African country, with the government struggling since August to pull the economy out of recession.
The announcement comes six months after Nigeria’s central bank let the naira float, causing a sharp decline in the currency’s value against the dollar and pushing up the price of imported goods.
“The Consumer Price Index (CPI) which measures inflation increased by 18.48 percent (year-on-year) in November 2016, 0.15 percentage points higher than the rate recorded in October (18.33 percent),” the National Bureau of Statistics (NBS) said in a statement.
On Wednesday, President Muhammadu Buhari unveiled a plan to spend 7.3 trillion naira ($23 billion) in 2017, a 20-percent boost over this year’s spending, to “pull the economy out of recession as quickly as possible”.
The statistics agency said food items increased by 17.2 percent (year-on-year) in the month under review, up 0.1 points from the October rise.
The Nigerian economy has been hammered by the global crash in prices for oil — worth 70 percent of its revenue and the bulk of its dollars — and ongoing rebel attacks on oil infrastructure in the southern swamplands.
Nigeria inflation increased for 13th consecutive months
![Nigeria inflation increased for 13th consecutive months]()
Reviewed by h
on
12:25
Rating:
No comments: