• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
KPMG Extends Pay Freeze To 12,000 UK Staff

KPMG Anticipates 30% Inflation Rate In Nigeria By December 2023

2 years ago
Social Media Posts To Determine Eligibility Of Immigrants To Get Visas — US

US Embassy Mandates Nigerian Visa Applicants To Remove Privacy Settings On Social Media

2 hours ago
ITTF: Aruna Remains Number One African Player, Omar Trails

ITTF: Aruna Remains Number One African Player, Omar Trails

4 hours ago
Mexico Down United States To Lift 10th CONCACAF Gold Cup

Mexico Down United States To Lift 10th CONCACAF Gold Cup

4 hours ago
Ghana: Parliament Passes Provisional Budget To Avert Government Shutdown

IMF Commends Ghana’s Economic Reforms, Debt Restructuring

5 hours ago
COP30: Nigeria Urges BRICS To Champion Climate Justice, Health Equity

COP30: Nigeria Urges BRICS To Champion Climate Justice, Health Equity

18 hours ago
Tuesday, July 8, 2025
  • About
  • Privacy Policy
Heritage Times
No Result
View All Result
Translate |
  • Login
  • Politics
    Trump Threatens BRICS Nations With 10% Tariff Over “Anti-American Policies”

    Trump Threatens BRICS Nations With 10% Tariff Over “Anti-American Policies”

    Gabon’s Coup Leader and President Nguema Launches New Political Party

    Gabon’s Coup Leader And President Nguema Launches New Political Party

    Trump Demands Probe Of Subsidies Offered To Musk’s Firms

    After Fallout With Trump, Elon Musk Considers Floating Political Party

    Russia, China’s Presidents Absent As BRICS Summit Starts In Brazil

    Russia, China’s Presidents Absent As BRICS Summit Starts In Brazil

    Mali: Parliament Grants Coup Leader 5-Year Renewable Presidential Term Without Election

    Mali: Parliament Grants Coup Leader 5-Year Renewable Presidential Term Without Election

    Russia Becomes First To Recognise Taliban Government Of Afghanistan

    Russia Becomes First To Recognise Taliban Government Of Afghanistan

    Nigeria Misses Out, As Trump Hosts Economy, Security Meeting With 5 African Presidents

    Nigeria Misses Out, As Trump Hosts Economy, Security Meeting With 5 African Presidents

    ADC: Major Shake-Up In Nigerian Politics As Top Figures Unite

    ADC: Major Shake-Up In Nigerian Politics As Top Figures Unite

    Tanzania: Prime Minister Majaliwa To Step Down

    Tanzania: Prime Minister Majaliwa To Step Down

  • Economy
    Social Media Posts To Determine Eligibility Of Immigrants To Get Visas — US

    US Embassy Mandates Nigerian Visa Applicants To Remove Privacy Settings On Social Media

    Ghana: Parliament Passes Provisional Budget To Avert Government Shutdown

    IMF Commends Ghana’s Economic Reforms, Debt Restructuring

    Namibia Suspends State Funerals Following Criticism Over High Costs

    Namibia Suspends State Funerals Following Criticism Over High Costs

    SA: Mineral Council Says Proposed Tax On Chrome Export Threatens Jobs

    SA: Mineral Council Says Proposed Tax On Chrome Export Threatens Jobs

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    Senegal Promises To Clear Undeclared Debt Incurred By Past Administration

    Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

    Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

    Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

    Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    US-Africa Summit Wraps Up with Trade and Investment Deals Worth Over $2.5 Billion

    US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    Trump Threatens BRICS Nations With 10% Tariff Over “Anti-American Policies”

    Trump Threatens BRICS Nations With 10% Tariff Over “Anti-American Policies”

    Gabon’s Coup Leader and President Nguema Launches New Political Party

    Gabon’s Coup Leader And President Nguema Launches New Political Party

    Trump Demands Probe Of Subsidies Offered To Musk’s Firms

    After Fallout With Trump, Elon Musk Considers Floating Political Party

    Russia, China’s Presidents Absent As BRICS Summit Starts In Brazil

    Russia, China’s Presidents Absent As BRICS Summit Starts In Brazil

    Mali: Parliament Grants Coup Leader 5-Year Renewable Presidential Term Without Election

    Mali: Parliament Grants Coup Leader 5-Year Renewable Presidential Term Without Election

    Russia Becomes First To Recognise Taliban Government Of Afghanistan

    Russia Becomes First To Recognise Taliban Government Of Afghanistan

    Nigeria Misses Out, As Trump Hosts Economy, Security Meeting With 5 African Presidents

    Nigeria Misses Out, As Trump Hosts Economy, Security Meeting With 5 African Presidents

    ADC: Major Shake-Up In Nigerian Politics As Top Figures Unite

    ADC: Major Shake-Up In Nigerian Politics As Top Figures Unite

    Tanzania: Prime Minister Majaliwa To Step Down

    Tanzania: Prime Minister Majaliwa To Step Down

  • Economy
    Social Media Posts To Determine Eligibility Of Immigrants To Get Visas — US

    US Embassy Mandates Nigerian Visa Applicants To Remove Privacy Settings On Social Media

    Ghana: Parliament Passes Provisional Budget To Avert Government Shutdown

    IMF Commends Ghana’s Economic Reforms, Debt Restructuring

    Namibia Suspends State Funerals Following Criticism Over High Costs

    Namibia Suspends State Funerals Following Criticism Over High Costs

    SA: Mineral Council Says Proposed Tax On Chrome Export Threatens Jobs

    SA: Mineral Council Says Proposed Tax On Chrome Export Threatens Jobs

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    Senegal Promises To Clear Undeclared Debt Incurred By Past Administration

    Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

    Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

    Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

    Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    US-Africa Summit Wraps Up with Trade and Investment Deals Worth Over $2.5 Billion

    US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News

KPMG Anticipates 30% Inflation Rate In Nigeria By December 2023

November 13, 2023
in Economy, Top Stories
0
KPMG Extends Pay Freeze To 12,000 UK Staff

KPMG

0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

By John Ikani

Global financial advisory service firm, KPMG, forecasts that Nigeria’s headline inflation is poised to surge to 30% by December 2023. This projection comes amid a lack of optimism from another reputable Nigerian financial firm, Afrivest, regarding any imminent reduction in inflationary pressures.

Relatedreading

US Embassy Mandates Nigerian Visa Applicants To Remove Privacy Settings On Social Media

ITTF: Aruna Remains Number One African Player, Omar Trails

As of September 2023, Nigeria’s headline inflation rate is already at 26.72%. KPMG’s macroeconomic review for the first half of 2023, outlining the second-half outlook, attributes the anticipated spike to recent reforms like the fuel subsidy removal and the unification of the foreign exchange market.

In their report, KPMG states, “We anticipate that the current inflationary pressure in the economy will persist into the second half of 2023… Specifically, our model suggests that the combined influence of fuel subsidy removal and foreign exchange liberalisation may drive headline inflation to about 30 per cent by December 2023. Monetary Policy Rate (MPR) hike will not curb inflation.”

Addressing the ineffectiveness of the Central Bank’s 18-month-long strategy of MPR hikes, KPMG suggests focusing on concerns such as energy and transportation costs, supply chain issues, and promoting local production to be more impactful than raising interest rates.

Predicting a 2.6% growth for the Nigerian economy in 2023, the report indicates a lower projection compared to the World Bank’s revised 2.8% forecast for Nigeria and the 3.1% growth achieved in 2022.

Similarly, Afrinvest analysts foresee the sustained inflationary pressure in Nigeria’s economy, attributing it to the combined effects of fuel subsidy removal and foreign exchange liberalisation. In their October 2023 inflation forecast report, Afrinvest predicts a 102 bps increase in Nigeria’s headline inflation rate for October, reaching 27.9%.

The report emphasizes that recent reforms in the petroleum industry and the unified foreign exchange market will contribute to the expected rise in prices of goods and services. Transportation costs and food prices have nearly doubled since the initiation of fuel subsidy removal and foreign exchange reforms, with the naira weakening by almost 60%.

While food supply received a boost in October due to the ongoing harvest season, the report notes that the escalating prices of Petroleum Motor Spirit (PMS) and Diesel (AGO) in October significantly contribute to core inflation.

“Fiscal spending must be more tilted towards value-creating capital spending as against consumption-focused recurrent needs,” suggests the report. It proposes a short-term solution of reducing tariffs on food imports to address food supply issues, with a long-term focus on structural challenges like security, transportation, and logistics.

Tags: breakingCentral Bank of Nigeria (CBN)Heritageheritage timesheritagetimesmediahtKPMGlatestnewsthe heritage timesthehtafricathtthtafricatop stories
ShareTweetSend
Previous Post

Kenya Declares Tree-Planting Holiday To Plant 100 Million Seedlings

Next Post

Nigeria: NCDMB’s Strategic N46.8 Billion Investment Fuels Growth In 11 Gas And Petrochemical Companies – Report

Related Posts

Social Media Posts To Determine Eligibility Of Immigrants To Get Visas — US

US Embassy Mandates Nigerian Visa Applicants To Remove Privacy Settings On Social Media

July 8, 2025
ITTF: Aruna Remains Number One African Player, Omar Trails

ITTF: Aruna Remains Number One African Player, Omar Trails

July 8, 2025

Mexico Down United States To Lift 10th CONCACAF Gold Cup

IMF Commends Ghana’s Economic Reforms, Debt Restructuring

COP30: Nigeria Urges BRICS To Champion Climate Justice, Health Equity

Iranian President Accuses Israel Of Plotting His Assassination

Next Post
Nigeria: NCDMB Maintains Ranking As Best Performing Agency

Nigeria: NCDMB's Strategic N46.8 Billion Investment Fuels Growth In 11 Gas And Petrochemical Companies - Report

Please login to join discussion
AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2

Updates

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Social Media Posts To Determine Eligibility Of Immigrants To Get Visas — US

US Embassy Mandates Nigerian Visa Applicants To Remove Privacy Settings On Social Media

July 8, 2025
ITTF: Aruna Remains Number One African Player, Omar Trails

ITTF: Aruna Remains Number One African Player, Omar Trails

July 8, 2025
Mexico Down United States To Lift 10th CONCACAF Gold Cup

Mexico Down United States To Lift 10th CONCACAF Gold Cup

July 8, 2025
Ghana: Parliament Passes Provisional Budget To Avert Government Shutdown

IMF Commends Ghana’s Economic Reforms, Debt Restructuring

July 8, 2025
JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia
ADVERTISEMENT

Most Recent

US Embassy Mandates Nigerian Visa Applicants To Remove Privacy Settings On Social Media

July 8, 2025

ITTF: Aruna Remains Number One African Player, Omar Trails

July 8, 2025

Mexico Down United States To Lift 10th CONCACAF Gold Cup

July 8, 2025

IMF Commends Ghana’s Economic Reforms, Debt Restructuring

July 8, 2025

COP30: Nigeria Urges BRICS To Champion Climate Justice, Health Equity

July 7, 2025

Iranian President Accuses Israel Of Plotting His Assassination

July 7, 2025

Nigeria: Monarch Hails NDDC’s Milestone Achievements

July 7, 2025

Nigerian-British Woman Receives Highest Prestigious King Charles Royal Award

July 7, 2025

About

Heritage Times HT stands as a beacon of pan-African journalism, dedicated to amplyfing the rich tapestry of voices and narratives across the continent. With unwavering commitment, we illuminate the evocative essence of Africa, offering a fresh perspective that captivates our global audience.

Featured

From Hope To Fear: Kenya Joins East Africa’s Crackdown On Free Expression

AfDB Set For A New President, As Ould Tah Gains Continental Endorsement

How Dangote Is Turning Trump’s Trade War Into Africa’s Opportunity

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

  • About
  • Privacy Policy

© 2024 Heritage Times (HT) Media.

No Result
View All Result
  • Welcome
  • Politics
  • Economy
  • Security
  • Exposé
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Columns
    • Opinion
  • World
  • __________________
  • Make a Donation
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact us

© 2024 Heritage Times (HT) Media.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In