Nigeria’s inflation may hit 30% in December – KPMG

Following mounting pressures from foreign exchange market fluctuations and fuel subsidy removal, KPMG has forecast Nigeria’s inflation to rise 30 per cent by December 2023.

KPMG disclosed this in its recent macroeconomic review for the first half of 2023 and projections for the year’s second half.

“Specifically, our model suggests that the combined influence of fuel subsidy removal and foreign exchange liberalisation may drive headline inflation to about 30 per cent by December 2023,” it said.

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Recall that in June, the Central Bank of Nigeria raised the Monetary Policy Rate (MPR) to 18.75 per cent to tame inflation; however, the country’s inflation continued to soar, which stood at 26.72 per cent in September 2023.

The National Bureau of Statistics is expected to release October’s inflation figure on November 15th.

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Nigeria’s inflation may hit 30% in December – KPMG