Muhammad Sani Abdullahi, the Deputy Governor of the Economic Policy Directorate of the Central Bank of Nigeria (CBN), has disclosed that Nigeria’s headline inflation is projected to soar to 32.63% in March 2024.
Abdullahi shared insights into Nigeria’s economic forecasts, presenting an expected increase in the country’s inflation rate at the CITI-CEEMA Macro Conference held on March 20, 2024, in London.
A copy of his presentation shows that the inflation spike is driven by three major factors: escalated energy costs, the impact of exchange rate fluctuations, and ongoing insecurity concerns.
The document reads; “Headline inflation is expected to rise to 32.63% in March 2024, due to:
“High Energy Prices: Lingering impact of fuel subsidy removal, resulting in an increase in the cost of household utilities, transportation and production costs.
“Exchange Rate Passthrough: Depreciation of the naira resulting from the market-determined exchange rate policy, is likely to have a passthrough effect on domestic prices.
“Insecurity: Impact of insecurity on food production, the winding down of the harvest season, and high cost of farm input could impact negatively food prices.”
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