PMI Report: Productivity Grew Slightly in March Despite Strong Inflationary Pressure

The rate of expansion in business activity quickened slightly in March but remained relatively modest as the rate of purchase price inflation hit a fresh record high for the second consecutive month, largely due to the impact of currency weakness.

This was revealed by the Purchasing Manager Index (PMI) of the Stanbic IBTC Bank Nigeria, which showed that the productivity of the private sector recorded 51.0 percentage points during the month under review, adding that “the rate of output price inflation was also the steepest since the series began in January 2014 as close to 69 per cent of respondents increased their charges over the month.”

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