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ABUJA Jan 13 Annual inflation in Nigeria rose
in December to 18.55 percent, the National Bureau of Statistics
said on Friday, its highest in more than 11 years and the
eleventh straight monthly rise.
The rise from 18.48 percent in November was driven by surges
in housing, water and electricity, while a separate food index
also rose to 17.39 percent from 17.19 percent in November, the
Galloping inflation comes as Africa's largest economy
grapples with its first recession in 25 years, largely caused by
the fall in global oil prices since 2014. Crude oil sales
account for 70 percent of government revenue.
President Muhammadu Buhari last month presented a record
7.298 trillion naira ($23.97 billion) budget for 2017 aimed at
stimulating growth and pulling the economy out of recession, but
economists have questioned whether those targets are achievable.
The soaring cost of living in Nigeria, where the United
Nations estimates that 70 percent of the population live on a
dollar a day, has prompted widespread anger at Buhari's handling
of the economy.
(Reporting by Paul Carsten in Abuja and Chijioke Ohuocha in
Lagos, Editing by Angus MacSwan)