ADVERTISEMENT
TechEconomy
Monday, June 2, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » SUBSIDY REMOVAL: Prices Increased at the Fastest Pace in June’23 Since Last August, Stanbic PMI finds

SUBSIDY REMOVAL: Prices Increased at the Fastest Pace in June’23 Since Last August, Stanbic PMI finds

Techeconomy by Techeconomy
July 5, 2023
in Finance
0
SUBSIDY REMOVAL and Stanbic PMI
Purchasing power

Purchasing power

RelatedPosts

Agentforce for financial services by Salesforce

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025

The removal of the fuel subsidy in Nigeria caused a sharp strengthening of price pressures in June.

In turn, rates of expansion in output and new orders softened but remained marked nonetheless. Business confidence dipped to a near-record low. 

Intensifying inflationary pressures encouraged companies to expand inventories to try and get ahead of further price increases.

Meanwhile, employment was up modestly for the second month running. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI).

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. 

The headline PMI remained above the 50.0 no-change mark in June.

Although dipping slightly to 53.2 from 54.0 in May, the reading signaled a solid monthly improvement in the health of the private sector. 

While overall business conditions remained on a positive trajectory, firms faced a much stronger inflationary environment at the end of the second quarter of the year, linked to the removal of the fuel subsidy. 

Purchase prices increased at the fastest pace since last August, while the rate of selling price inflation accelerated sharply to the steepest in the year-to-date as firms passed higher costs on to their customers. 

Issues around the ending of the fuel subsidy also acted to limit the pace of output growth, according to respondents, although activity was still up markedly in the latest survey period.

Output has now risen in each of the past three months amid higher customer numbers and growth of new orders. Wholesale & retail bucked the wider trend and posted a drop  in activity. New business was also up for the third successive month. 

The rate of expansion was marked, albeit the softest in the current sequence of growth. Higher new orders encouraged firms to expand employment for the second month running, although the pace of job creation was again only modest.

Despite increasing staffing levels, firms recorded a build-up of backlogs of work, due to an expansion in new business and some difficulties securing inputs.

Some companies reported having brought forward purchasing and expanded inventories ahead of predicted increases in the costs of materials in the months ahead.

This, allied with increasing workloads, meant that stocks of purchases were accumulated to the largest degree in eight months. Business confidence dropped to the second-lowest on record in June and was only fractionally above last November’s nadir.

Companies remained optimistic that output will increase over the coming year, however, linked to investment, business expansion plans, and proposed marketing drives.

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: Fuel SubsidyPMIstanbic IBTC
Previous Post

CLOUD: How SMBs Can Benefit from Sage, AWS Expanded Relationship for Faster Digital Transformation

Next Post

Termii partners with Truecaller to Revolutionize Business Communication Across Mobile Channels in Africa

Techeconomy

Techeconomy

Related Posts

Agentforce for financial services by Salesforce
Finance

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

by Latifat Fashina
June 2, 2025
0

In an industry built on trust, delivering personal and meaningful experiences is everything. But the day-to-day financial services journey often...

Read more
Segun Alebiosu, CEO, FirstBank China-Africa Interbank Association | FirstBank Agent Credit

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025
America Debt - IMF

Can AI Save America from its Debt Spiral

May 31, 2025
Nigeria economy by FBNQuest, Naira currency, Nigeria's currency, strongest currencies

Naira Holds Steady at N1,586/$1 in Official Market

May 31, 2025
Naira vs Dollar | Asset management

Naira Appreciates in the Official Market, Closes at N1,586/$1

May 30, 2025
Arik Air in 2024

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025
Next Post
Termii and truecaller

Termii partners with Truecaller to Revolutionize Business Communication Across Mobile Channels in Africa

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.