Inflationary pressures continue to hit Nigerian businesses as up to 49% of business in the country reported increasing prices of products and services in the past month September.
According to the report, the cost of inputs for businesses rose at the sharpest rate in six months as output decreased for the month.
The report noted that the weakness in the naira for the month coupled with increase in petrol prices exacerbated transportation and logistics cost which was passed on to consumers.
It stated, “Purchase prices rose rapidly amid currency weakness and higher costs for fuel, logistics, materials and transportation.
The projected increase in inflation stems from renewed weakness in the Naira and the increase in petrol prices by the NNPCL in September...
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