The National Bureau of Statistics (NBS) in a new report has disclosed that Nigeria’s annual inflation as at October 2016 was 18.3 percent, Business Post reports.
In the report posted on the agency’s website on Monday, it was disclosed that the figure rose from 17.1 percent it was in September 2016.
The reason for this increase was attributed to the higher prices for electricity, clothing and food in the country. The 18.3 percent inflation rate is Nigeria’s highest in more than 11 years and the ninth straight monthly rise.
The agency explained that, “During the month, the highest increases were seen in housing, water, electricity, gas and other fuels.”
This latest report shows another sign of the crisis in Africa’s biggest economy.
Nigeria has been struggling with her economy since the inception of the present administration in 2015. Prices of commodities in the country have skyrocketed.
Last week, Minister of Budget and National Planning, Mr Udoma Udo Udoma, revealed that President Muhammadu Buhari would unveil the government’s economic recovery plan next month.