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Home Business & Finance

Nigeria and UK to Release Inflation Rate Data Amidst Fed’s Potential Rate Cut

Nnaemeka OkwarabyNnaemeka Okwara
September 14, 2024
in Business & Finance
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Nigeria and UK to Release Inflation Rate Data Amidst Fed’s Potential Rate Cut
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August inflation figures for Nigeria and the United Kingdom are set to be released as the Federal Reserve meets with the aim of deciding on a potential interest rate cut. This decision by the Fed could benefit various emerging market economies, like Nigeria, through lessening currency pressures and lowering prices of imported goods as well.

For the first time in 19 months, Nigeria’s inflation rate slowed down in July to 33.4%, which can be attributed to a high base effect. Analysts predict a further decrease in the next month’s inflation due to decreasing food prices, although this may be countered by the new maximum pump price of petrol.

On Monday, September 16, Nigeria’s National Bureau of Statistics will release the August inflation figures. If inflation continues to decline, the Central Bank of Nigeria may halt further interest rate hikes.

Simultaneously, it is anticipated that the Federal Reserve will make its first interest rate cut in more than four years, whereby analysts forecast a 25 basis point to 50 basis point reduction. This fresh development might stimulate foreign investors’ interest in emerging markets such as Nigeria.

Wednesday, September 18, marks the release date for South Africa’s inflation report, amid expectations for a rate cut on September 19. Also scheduled for the same day is the UK consumer price index, amidst betting that inflation will recede.

The inflation report for South Africa is set to be revealed on Wednesday, 18 September 2023; and there are speculations that it will result in a decrease in rate by the next day, 19 September. The UK consumer price index (CPI) will also be published on that same day, with investors betting on appreciating inflation. Furthermore, diesel and premium motor spirit prices will be watched by the National Bureau of Statistics on that same Wednesday, 18 September 2023.

In the month of September, Nigeria’s naira is anticipated to stabilize due to a reduction in demand pressure.

Tags: federal characterinflationNewsNigeriaNigeria and UK to Release Inflation Rate Data Amidst Fed's Potential Rate CutRate CutUK
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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