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Nigeria inflation at more than 11-year high: govt

News24 - Thursday 16th February, 2017

Abuja - Inflation in Nigeria rose to its highest levels in more than 11 years in January, driven by higher food, fuel, transport and electricity prices, the government said on Wednesday.

The consumer price index which measures inflation rose 0.17 points to 18.72% in December, the National Bureau of Statistics said in a statement.

A separate index showed food prices increased to 17.82% year on year in January, 0.43 points up from December, it added.

Inflation has not been higher since September 2005, when it was at 24.3%, figures from the Central Bank of Nigeria indicated.

Nigeria announced it was in recession in August last year, as a result of a fall in revenue from oil sales because of the slump in the global cost of crude since mid-2014.

At the same time, attacks on oil and gas facilities cut production throughout last year.

The naira currency has shed value and foreign currency has been in short supply, hitting investors.

The rise in the cost of living in Nigeria has led to increasing anger. Earlier this month, hundreds took to the street to protest against the government's handling of the economic crisis.

Source: News24

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