The Lagos Chamber of Commerce and Industry (LCCI) has said the rising inflation in the country is increasing poverty and weakening the purchasing power of citizens.
In a statement signed by its Director-General, Chinyere Almona, the chamber noted that the rising inflation had worsened the plight of Nigerians, particularly at a time when multidimensional poverty had grown so high with an unprecedented 133 million Nigerians living below the poverty line.
The National Bureau of Statistics (NBS) in its recent report on inflation had announced that headline inflation rose to 21.83 per cent in January 2023.
LCCI observed that while the monetary authority keeps hiking rates to beat inflation, the supply side should also be explored with the same vigour and that other monetary and fiscal policies should also be deployed to tame inflation.
“The impact of rising inflation is far-reaching. It distorts fixed interest rate payments for recipients and payers alike, leaving in its trail disruptions and dislocations in the economy,” the statement read.
It further advised the CBN should also check the extent of its monetary financing of the Federal Government through ways and means.
