Agriculture and Manufacturing Record Fastest Production Cost Increase in January – Stanbic IBTC
According to the Purchase Manager Index (PMI) study from Stanbic IBTC Plc, operators in the industrial and agriculture sectors would see the fastest increase in input costs in January 2023 due to operating circumstances in the Nigerian economy.
According to the PMI survey, the increase in input costs was caused by increased gasoline and raw material prices, which were made worse by the weak Naira on the foreign currency market.
The statement read: “In January, the growth momentum of the Nigerian private sector saw a small decrease.
In terms of pricing, the rates of input cost and output price inflation slowed down in January but remained high. The headline PMI fell from 54.6 in December to 53.5 in January.
