Inflationary pressures to ease by December – Economist, Yusuf

The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year.

Yusuf disclosed this on Sunday in his Half Year Review of 2023.

His review comes amid the effect of fuel subsidy removal and foreign exchange reforms by President Bola Ahmed Tinubu’s administration.

Consequently, the prices of goods and services sharply increased.

The National Bureau of Statistics said Nigeria’s inflation is 22.41 per cent. Nigerians have continued to lament the hike in the prices of goods and services.

Meanwhile, Yusuf said that the effect of fuel subsidy removal and forex reforms would be in the short term.

According to him, the challenges would gradually reduce before the year ends.

Meanwhile, Yusuf said the CBN should implement a sustainable intervention framework to moderate the volatility in the forex market.

“Inflationary pressure is expected to ease before the end of the year.

“It would pave the way for an equilibrium exchange rate which would be more tolerable and sustainable”, he stated.