As of September, Nigeria’s current headline inflation rate was reported at 26.72 per cent, according to the National Bureau of Statistics.
KPMG forecasts that Nigeria’s headline inflation will rise to 30 percent by December 2023, attributing the anticipated increase to recent reforms, such as fuel subsidy removal, and the unification of the foreign exchange market.
The insights were shared in KPMG’s macroeconomic review for the first half of 2023, along with projections for the second half of the year.
“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.”