Nigeria’s Inflation, Food Price Hikes Will Drop By December – PwC

By Abimbola Ogunnaike

There is going to be a marginal decline in Nigeria’s inflation to 29.5 percent by the end of this year from 33.95 in May 2024, PricewaterhouseCoopers, PwC, a consulting firm, has projected.

The firm, which made this disclosure in its latest economic outlook report on Nigeria, released on Monday, 24 June, 2024, said the decline would be achieved as a result of the ongoing reforms and policy actions of President Bola Ahmed Tinubu’s government.

“PwC projects a marginal decline in inflation to 29.5 percent by year-end, balancing the effects of reforms, policy actions, external pressures, and food prices; particularly in the second half of the price outlook year,” the company stated.

Recall that earlier, the Chief Executive Officer of Financial Derivatives, Bismarck Rewane, predicted that Nigeria’s inflation and food price hikes would decline from July to August 2024.

Meanwhile, the National Bureau of Statistics (NBS) inflation data for May showed that Nigeria’s inflation increased for the 17th time to 33.95 percent as Nigerians continue to groan over rising food prices.