NewStats: 3,261,025 , 8,172,931 topics. Date: Wednesday, 28 May 2025 at 05:25 AM 2g1ny

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.”

As of September, Nigeria’s current headline inflation rate was reported at 26.72 per cent, according to the National Bureau of Statistics.

On how to control inflation, the report explained that the current MPR hike being adopted by the apex bank in the last 18 months has proven ineffective in stalling the increasing inflationary trend.

However, it advised that addressing issues such as energy and transportation costs, supply chain problems, and boosting local production will be more effective than increasing interest rates.

The report also projected that Nigeria’s economy will grow by 2.6 percent in 2023- a considerable reduction from the World Bank’s projection of 2.8 percent in 2023 and that the recent reforms from President Tinubu such as fuel subsidy removal and unification of the FX market will lower GDP growth in the country.

The report reads, “We expect the Nigerian economy to grow by 2.6 percent in 2023, lower than the revised World Bank’s 2023 forecast of 2.8 percent for Nigeria and the 3.1 percent growth rate achieved in 2022.”

The report highlights that the first-half macroeconomic challenges, including the unsuccessful naira redesign policy, sluggish growth due to low crude oil output, elevated inflation, and the fuel subsidy removal along with the devaluation of the naira, are expected to cast negative repercussions in the second half of the year.

Nigeria’s inflation has surged continuously over the past nine months, reaching a two-decade high of 26.72 percent in September.

Analysts connect this record inflation to President Tinubu’s fuel subsidy removal and currency market reforms.

https://punchng.com/inflation-to-hit-30-by-dec-kpmg/

Another sinister speculation for Hellu Pee scavengers to rejoice over.

Renewed Hope is a Scam.

Watch as those shameless agbado miscreants come to defend the Renewed Hopelessness just because of 30k stipend.

Nice one

Shithole country

I haven’t heard of a country that numbers are so useless like this country. Every positive stats predicted change to negative before the day or week ends.

TemplarLandry:
Another sinister speculation for Hellu Pee scavengers to rejoice over.

You can't even afford to buy your own phone hence resorting to stealing one. Continue defending your oppressors.

Lol. It is a worldwide challenge.

I gave this projection some time around September that the inflation rate of 30% and one ignorant fellow was busy dragging me in this forum.


I hate to say this but south east states should have buffers and very scalable options because the inflation rate will get to 50% before December.

The inflation rate is being driven by ineptitude, cluelessness, ignorance, docility and gross laxity on the ruling APC . There is no Economist in the government, from the president to minister of finance to CBN governor,non is a first class world class Economist .

Bookmark this post

Singing " Ta lo sope ko po ke, o pi pi o po pa".

By the time Bulabalu is done with us una go fear fear.

Next time when a candidate tells you,shey na statistics we go chop,una go use your brain then..

P.S. The current inflation is over 100percent.

TemplarLandry:
Another sinister speculation for Hellu Pee scavengers to rejoice over.

Oga, to be honest, this is more than partisan stuffs. For the first time in many years, harvest season came and the dip in food prices was barely noticed. That alone is more than the scope Hellu-Pee or people not in power. Another party is in power.

Toh

All una forecasts, predictions and analysis before the poll enter bush, why should we take una seriously when we are not dumb

TemplarLandry:
Another sinister speculation for Hellu Pee scavengers to rejoice over.

U don't need to look at everything from the lens of party affiliation.

Sir the inflation is real.

TemplarLandry:
Another sinister speculation for Hellu Pee scavengers to rejoice over.

Stay here shouting Hellu Pee while you can't afford to feed yourself

Nlfpmod 30 pa sent. Nawa oo. Bulabuu no de fit for purpose.

TemplarLandry:
Another sinister speculation for Hellu Pee scavengers to rejoice over.

Na only helu pee de go market. Ramat Park go fit u abode.

Nigeria inflation is over 100%. Check the prices of goods at November 2022 and check the prices in November 2023, it's over 100%

Golden Penny Spaghetti Is Now N730

Antoeni:
Golden Penny Spaghetti Is Now N730

Na data we go chop.

kettykin:
I gave this projection some time around September that the inflation rate of 30% and one ignorant fellow was busy dragging me in this forum.


I hate to say this but south east states should have buffers and very scalable options because the inflation rate will get to 50% before December.

The inflation rate is being driven by ineptitude, cluelessness, ignorance, docility and gross laxity on the ruling APC . There is no Economist in the government, from the president to minister of finance to CBN governor,non is a first class world class Economist .

Bookmark this post

I have been saying it

Carry micro economists with even low experience to Handle positions that require experts in macro economics

I have been saying it they called me names

Its painful that Tinubu far more useless than Buhari

Kpmg, bring solutions not problems

Antoeni:
Golden Penny Spaghetti Is Now N730

Na statistics we go chop?

Problem with APC is fundamentally they don't know how development works... Like most Nigerians they don't understand how development works

For them build road, build bridges, build hospitals, build sly scrappers, build rail... To them this is development

Since 2019 Peter obi told them infrastructure doesn't kick start development... Osibanjo argued

Human capital investment is how to develop infrastructure can come after

Antoeni:
Golden Penny Spaghetti Is Now N730

Golden penny that was 150 in 2014. Kai buhari damaged Nigeria badly. I will advise flour Mills to introduce the mini version long and mini compressed version small. If things don't improve then should produce sapa version

TemplarLandry:
Another sinister speculation for Hellu Pee scavengers to rejoice over.

Another sinister bababluing...

LP is behind cooking gas being sold at 1,000 naira per kg.

APC recruited illiterates to defend their party online.

Alright

It either Nigerians die hungry or become slaves outside of here

Cement don finish to build Nigeria. Make Una no worry, they will buy more Yachts

In Nigeria people with questionable characters, lowest level lowlifes can get a decent amount of respect, regard and trust when they become public office holders, religious leaders or traditional rulers. Thats why the incompetent and unqualifed are kiIling themselves to hold such offices.

Is this the renewed hope? Nigeria don enter one chance