Stears has announced that Nigeria’s inflation rate may rise to 30 per cent by December 2023.
The data-driven insights provider announced this while unveiling its Pan-African inflation forecasts. It projected that Nigeria’s annual inflation rate is set to climb steadily until year-end, culminating at around 30 per cent, a level not attained since the country’s modern democratic era.
The firm stated that its forecasts are based on trusted econometric tools that consider a myriad of factors driving inflation, from general to country-specific dynamics.
In a statement, Stears’ Head of Insights, Fadekemi Abiru, said, “In September, we saw the exchange rate premium—the differential between official and parallel rates—rise to 25.2 per cent, which is a significant increase from what it was in August.
