Report: Agriculture, Manufacturing Lead in Output Expansion as Price Inflation Ticks Higher
Dike Onwuamaeze Agriculture and manufacturing took the lead in output expansion as price inflation ticks higher in August. This is reported in the Purchasing Managers’ Index (PMI) of the Stanbic
In August, agriculture and manufacturing sectors took the lead in output expansion as price inflation increased in Nigeria, according to the Purchasing Managers’ Index (PMI) from Stanbic IBTC. The headline index rose to 54.3 in August from 52.5 in July, marking the largest improvement in over two-and-a-half years. Output increased across all four sectors surveyed, with particularly notable growth in agriculture and manufacturing.
Business activity expanded for 21 consecutive months at the fastest pace since May. Factors contributing to the rise in output and new orders included new product introductions and firms' efforts to boost activity. Input costs also rose sharply, prompting companies to increase selling prices. The agriculture sector observed the fastest increase in output prices.
Industry experts believe that companies plan to hire more workers, export goods, and expand to new locations, anticipating higher customer demand.
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