The Lagos Chamber of Commerce and Industry (LCCI) has stated that despite the decline in inflation as announced by the National Bureau of Statistics (NBS), inflation remains high, prices are still rising, just at a slower pace and it does not automatically improve living standards.
The chamber, however, called on the federal government to prioritise fiscal discipline as a crucial strategy to ensure continuous decline in inflation.
Director-General of LCCI, Chinyere Almona gave the charge in reaction to the January inflation rate of 24.48 per cent.
The country’s inflation rate dropped to 24.48 per cent in January 2025, following the rebasing of the Consumer Price Index (CPI).
Almona also called on the Central Bank of Nigeria (CBN) to fine-tune monetary policies to strike a balance between curbing inflation and sustaining economic growth.
The LCCI Director-general reiterated the need for targeted interventions to address inflationary pressures and improve economic stability.
She pointed out that in spite the rebased January inflation rate, the sharp drop in the inflation rate from 34.8 per cent to 24.48 per cent was primarily due to the rebasing of the CPI.
“A rebased inflation rate does not resolve the rising cost of living,” Almona added.
“For most Nigerians, essential costs like food and transportation remain high, meaning living conditions will not improve unless there is a real reduction in the cost of necessities. While the rebased inflation rate provides policymakers with a clearer view of economic trends, it does not resolve the rising cost of living. The government must implement targeted interventions to address inflationary pressures and improve economic stability,” she stated.
Almona identified food inflation as a key priority to tackle, accounting for over 50 per cent of price increases. She emphasized that policies should focus on boosting agricultural productivity, reducing post-harvest losses, and improving transportation and storage infrastructure to ensure food affordability.
She further restated the importance of stabilising the exchange rate and encouraged local production and reduced reliance on imports to help strengthen the currency and control price surges.
