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By Merit Ibe
The organised private sector (OPS) has decried that despite October’s inflation drop to 16.05 per cent, high costs, rising prices pressures continue to weigh on Nigerians.
Nigeria’s inflation rate dropped for the seventh consecutive time to 16.05 per cent in October.
Applauding the latest NBS data, which show headline inflation easing to 16.05% and food inflation slowing to 13.12% in October 2025, the Lagos Chamber of Commerce and Industry (LCCI) noted that the decisive drop, driven by softer food prices, a stronger currency, and improved harvest outcomes, offers a glimmer of stability for businesses struggling with rising costs and households strained by months of high food costs.
It however viewed that with month-on-month inflation continuing to tick upward and sharp state-level disparities persisting, this progress remains fragile.
Director General of the chamber, Chinyere Almona, argued that the monthly data on the headline figure tells a more complicated story.
“The month-on-month inflation climbed to 0.93% in October, up from 0.72% in September. It can be taken that while the broader trend is improving, short-term price pressures remain a concern.
“Most of our concerns come from the components of the food basket, which still carry the most significant weight in estimating Nigeria’s Consumer Price Index.”
She advised that government must remain focused on implementing policy interventions to improve food security and reduce the feeding costs of most households.
“The LCCI urges policymakers to seize this moment to lock in gains through bold FX reforms, stronger food security systems, and decisive fixes to supply-chain bottlenecks. We also call on the business community to harness this emerging stability to reinvest, expand production, and stimulate job creation.
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“Nigeria now stands at a pivotal turning point, one where coordinated action can transform easing inflation into lasting economic confidence and a more prosperous future for all.”
For the Centre for the Promotion of Private Enterprise (CPPE), the cost of essential goods and services is still high.
Director of the Centre, Dr Muda Yusuf said the sectors that matter most to families food, transportation, housing, electricity, education and health jointly accounted for 84 per cent of the inflation burden in October, keeping living costs elevated.
He explained that although food inflation dropped from 16.87 per cent in September to 13.12 per cent in October, month-on-month food prices still ticked upward.
“This is a significant disinflation milestone for the economy, but the impact on welfare is still minimal because structural pressures remain very high,” Yusuf said.
CPPE called on urgent government action to sustain the gains and make life more affordable.
He outlined key interventions such as expanding irrigation, storage, processing and secure farming communities and fixing critical federal highways and expanding freight rail, among other interventions, to boost impact on Nigerians.
He pointed out that the October drop is a big win for stability, but Nigerians will only feel real relief when food, transport, housing and energy costs begin to fall meaningfully.
“Disinflation is good news, but without structural reforms, it will not reduce the cost of living for ordinary Nigerians,” adding that government should “double down on reforms” to ensure the current trajectory is not only sustained but translated into real-life benefits for households and businesses.
