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Inflation: Nigerians Told When Food Prices Will Drop

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Rice, Garri, Beans, Other Foods Prices In Nigeria Surge By Over 130%

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

The firm disclosed this in its latest economic outlook report on Nigeria, released on Monday.

PwC 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.

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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 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.

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