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Nigeria’s Inflation Rate Hits 18.5%

By Modupe Gbadeyanka

Latest report released by the National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate climbed to 18.5 percent in November 2016 from 18.3 percent it recorded in October.

In an e-mailed statement on Thursday, December 15, 2016, the NBS disclosed that food inflation increased by 17.2 percent, while the average price of petrol climbed to N146.7 compared to N145.9 in October.

Business Post gathered that this is the 13th consecutive month the Nigerian inflation rate has accelerated.

This comes despite the Central Bank of Nigeria (CBN) has kept the main lending rate at a record-high to balance price pressures with supporting a slumping economy.

According to the report, the index’s rise was mainly driven by increases in the prices of imported foods, meat, bread and cereals and fish.

It was also gathered that prices increased 0.78 percent in the month.

It is expected that in 2017, things will start getting better as President Muhammadu Buhari expressed on Wednesday when he presented the 2017 budget to the National Assembly.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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