Annual inflation in Nigeria accelerated in October to 18.3 percent, the National Bureau of Statistics said on Monday, its highest in more than 11 years and the ninth straight monthly rise, in another sign of the crisis in Africa’s biggest economy.
The rise from 17.9 percent in September reflected higher prices for electricity, clothing and food, a separate index for which rose to 17.1 percent from September’s 16.6 percent, the statistics office said.
“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels,” the statistics bureau said in a statement.
In October, the statistics office revised its forecast for year-end inflation, estimating that the index would end at 17.1 percent to 18 percent, up from its forecast of 9 percent at the start of the year.
FOLLOW NEW AFRICA BUSINESS NEWS ON FACEBOOK @ New Africa Business News.com