Inflation rises for 13th straight month

Nigerian 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.

The Guardian, December 15

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