Again, food prices, energy costs jerk up inflation to 18.48% all time high
Latest Consumer Price Index (CPI) which measures inflation has climbed to all time high to 18.48 per cent (year-on-year) in November 2016 indicating a0.15 percentage points higher than the rate recorded in October (18.33 percent).
This was the key statement contained in a release by the National Bureau of Statistics (NBS).
By this figure, it means that several policies of the government since recession crept into the economy may not have been effective as this is the 13th consecutive monthly rise for a trend that has not showed up before in the economic history of Nigeria.
The federal agency said food items increased by 17.2 percent (year-on-year) in the month under review, up 0.1 points from the October rise.
The NBC announcement comes six months after Central Bank of Nigeria (CBN) has let loose the naira to be floating without any form of serious control in an economy that is driven by importation and government spending year-on-year.
However, experts may rely on the national budget submitted Wednesday by President Muhammadu Buhari to see if there may be early exit from recession and easing of inflation come mid next year.
In the budget, government had unveiled a plan to spend 7.3 trillion naira ($23 billion) in 2017, a 20-percent boost over this year’s spending, to “pull the economy out of recession as quickly as possible”.
“During the month of November, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing materials and other articles of clothing, books, liquid fuel, passenger transport by air, motor cycles and shoes and other footwear.
