Nigeria’s inflation narratives took a controversial twist yesterday as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), gives its own figure contradicting that of the National Bureau of Statistics, NBS, by a wide margin.
Nigeria’s inflation narratives took a controversial twist yesterday as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture , gives its own figure contradicting that of the National Bureau of Statistics, NBS, by a wide margin.
Meanwhile, financial analysts said the NBS’ figures outstripped both the individual and consensus forecasts. “This shows that the headline inflation rate increased in the month of June 2024 when compared to the same month in the preceding year . “Should the monetary authority react by hiking interest rate again, it will further increase yield on debt and cause financial assets to migrate more to debt. This may harm ongoing recapitalization exercise of banks. Rising inflation is not good news for equities.”
“On the monetary front, recent interest rate hikes have helped combat inflation, but another hike seems unlikely because of tight macroeconomic environment. “The outlook for July’s inflation is likely to be mixed on the back of multiple factors. On upside risk, we expect the recent PMS scarcity and another electricity tariff hike for ‘Band A’ users to increase price pressure.
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