Despite a recent drop in inflation, Nigerian businesses and households remain concerned about rising prices in the coming months. According to a survey by the Central Bank of Nigeria, respondents anticipate inflation to increase, driven primarily by factors like energy costs, exchange rates, and transportation expenses.
While the official inflation rate decreased to 33.40% in July from 34.19% in June, the survey revealed that both businesses and households expect further price hikes in the next six months. Businesses, however, anticipate a more gradual increase compared to households.
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The Central Bank has been actively working to curb inflation through measures like raising interest rates. However, the survey results suggest that these efforts may not be enough to completely alleviate concerns about rising prices.
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