NIGERIA’S INFLATION RATE MAY HIT 30% BY DECEMBER 2023, SAYS KPMG
Written by Oyebamiji Idowu on November 13, 2023
Nigeria’s inflation rate has been tipped to hit 30% by December 2023, global financial advisory service firm, Klynveld Peat Marwick Goerdeler (KPMG) has predicted.
KPMG in its macroeconomic review for the first half of 2023 and outlook for the year’s second half noted that recent reforms in the petroleum industry and unification of the foreign exchange market will be responsible for prices of goods and services.
The report also explained that recent macroeconomic malaise during the first half of the year such as the failed naira redesign policy, weak growth because of low crude oil output, high inflation, the fuel subsidy removal and devaluation of the naira will have negative ripple effects in the second half of the year