November Inflation hits 18.48%, highest in 11 yrs

Nigeria’s annual inflation rose in November to 18.48 percent. This is its highest in more than 11 years and the tenth straight monthly rise.

According to the latest report from the National Bureau of Statistics, inflation for the month of November rose to 18.48% from 18.33% posted in the month of October.

“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.

Furthermore, the report revealed that Communication and Insurance recorded the slowest pace of growth in November, growing at 5.61 percent and 6.76 percent year-on-year respectively.

As the scarcity of forex hit the nation harder, manufacturers have continued to lament the inability to bring in food and raw materials necessary for production.

The increase in price of petrol in Nigeria has also worsened the situation with many food commodities witnessing close to 150% increase in prices.

The government said it is looking at creating jobs by fixing infrastructure and Nigeria’s epileptic power supply which has further worsened the country’s economic outlook.

President Muhammadu Buhari had on Wednesday presented the 2017 budget proposal to the National Assembly.

The budget is put at N7.298 trillion ($23.97 billion) budget.

According to the Presidency, the budget is looking at taking Nigeria out of the recession into a recovery period to be driven by the stimulation of local production of goods and services that are hitherto imported.