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LAGOS Oct 14 Annual inflation in Nigeria
accelerated in September to 17.9 percent, a more than 11-year
high and the eighth monthly rise in a row, highlighting the
economic crisis in Africa's most populous nation.
The rise from 17.4 percent in August reflected higher prices
for electricity, kerosene, transport and food, a separate index
for which rose to 16.6 percent from August's 16.4 percent, the
National Bureau of Statistics (NBS) said on Friday.
"During the month, the highest increases were seen in
clothing materials, shoes, books and stationeries," the NBS said
in a statement.
Nigeria, Africa's biggest energy producer, has seen its
economy slide into recession for the first time in 25 years,
largely due to the impact of low oil prices. Crude oil sales
account for 70 percent of government revenue.
These problems have been exacerbated by a spate of militant
attacks this year that have cut oil output and a dollar shortage
on the currency markets that has frustrated businesses
struggling to import raw materials for production.
On Friday the central bank auctioned a two-month dollar
forwards to clear a backlog of demand from airlines,
manufacturers and other companies, traders said.
The NBS has revised its forecast for year-end inflation,
estimating the index will end at between 17.1 percent and 18
percent, up from 9 percent at the start of the year.
(Reporting by Chijioke Ohuocha; editing by Mark Heinrich)