The report showed that sharply rising prices also discouraged firms from purchasing inputs and caused delays in the completion of orders. The headline figure derived from the survey is the PMI. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
Meanwhile, the extent of the rise in living costs, particularly those related to transportation, led companies to increase their staff pay markedly in October. Moreover, the rate of inflation hit a new survey peak.With input costs rising rapidly, firms in Nigeria increased their own selling prices accordingly. The pace of inflation quickened from September and was one of the sharpest on record.
“Elsewhere, customers had missed payments. As a result, backlogs of work increased for the second month running, and to the largest extent since February. The build-up of outstanding business was signaled despite a further rise in employment.Staffing levels were up for the sixth month in a row, and at a solid pace.
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