It has been projected by KPMG that Nigeria may experience a staggering 30% inflation by December 2023, attributed to the mounting pressures arising from fluctuations in the foreign exchange market and the recent removal of fuel subsidy.
This disconcerting revelation was made known through KPMG’s recent macroeconomic review for the first half of 2023, which also included projections for the latter half of the year.
According to KPMG, “Our model indicates that the confluence of fuel subsidy removal and foreign exchange liberalisation is likely to impel headline inflation to approximately 30% by December 2023.”
Notably, in June, the Central Bank of Nigeria escalated the Monetary Policy Rate (MPR) to 18.75% in a bid to curb inflation. However, despite these efforts, inflation in the country has persistently surged, reaching 26.72% in September 2023.
Amidst this unfolding economic landscape, keen observers are eagerly anticipating the release of October’s inflation figures by the National Bureau of Statistics on November 15th.
