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The latest monthly Purchasing Managers Index (PMI) by Stanbic IBTC Bank recently showed the headline index declined to 49.8 in September from 49.9 in August. Readings above 50.0 signal an improvement in business conditions, while those below indicates deterioration.
Business activity in Nigeria fell for the second time in a row as prices rose at the sharpest rates in six months due to inflationary pressure.
The latest monthly Purchasing Managers Index (PMI) by Stanbic IBTC Bank released recently showed the headline index declined to 49.8 in September from 49.9 in August. Readings above 50.0 signal an improvement in business conditions, while those below indicate deterioration.Business confidence fell in September and was the second lowest on record, only just above the series nadir posted in July, it said.
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This is as inflationary pressures intensified in September, adding to the challenges faced by Nigerian companies as the third quarter drew to a close. Purchase prices rose rapidly amid currency weakness and higher fuel, logistics, materials, and transportation costs. Some firms tried to help their workers with higher living costs, but the rate of wage inflation eased to an 18-month low, the report said.
