PricewaterhouseCoopers, also known as PwC, a consulting firm, has predicted a slight decrease in Nigeria’s inflation to 29.5% by the end of this year from 33.95% in May 2024.
This information was revealed in the firm’s most recent economic forecast report on Nigeria, which was issued on Monday.
PwC stated that the reduction would be the result of the ongoing reforms and policy measures implemented by President Bola Ahmed Tinubu’s administration.
“PwC projects a marginal decline in inflation to 29.5% 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.
Previously, Bismarck Rewane, CEO of Financial Derivatives, predicted a decline in Nigeria’s inflation and a slowdown in food price increases between July and August 2024.
In the meantime, the inflation data from the National Bureau of Statistics for May revealed that Nigeria’s inflation rose for the 17th consecutive time to 33.95%, while Nigerians lamented the continual rise in food prices.