Inflation Rises Further To New High

Inflation Rises Further To New High

Nigerians will be subjected to higher inflationary pressures for an extended period of time as monetary and fiscal dislocations continue to drive the inflationary trend higher.

Independent surveys and forecasts polled yesterday showed that the spiraling inflationary trend remained on the rise, ahead of the release of the latest inflation rate by the National Bureau of Statistics (NBS).

Read Also JAMB Sets Jan.1 Deadline For Digital Platform Migration

Economic and finance research firms and analysts who had previously correctly predicted the inflation trend were unanimous yesterday that the inflation rate would rise for the tenth consecutive time when the NBS made its announcement tomorrow.

Analysts differed on the degree of increase, but the consensus was that the inflation rate would rise further, with predictions ranging from 20 to 30 basis points.

Inflation had risen from 20.52 percent in August 2022 to 20.77 percent in September and 21.09 percent in October 2022.