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The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the excessive focus on exchange and interest rates management at the expense of rising inflation.
Following the figures released by the National Bureau of Statistics (NBS), the Consumer Price Index (CPI) as at end-February, 2023 was 21.91 per cent against 21.82 per cent, in January.
The chamber noted that inflation has therefore inched upwards by 0.09 percentage points in the period.
“With a 21.67 per cent rise, food prices led the contributors to this unwholesome position, while meat (4.78 per cent) contributed the least.”
A statement by the Director General of the Chamber, Chinyere Almona, noted that the rise in food prices was largely attributable to increases in the prices of yams, potatoes, other tubers, fish, cereals, bread, meat, vegetables, fat and oil. However, core inflation dropped to 18.84 per cent (YoY) in February from 19.16 per cent recorded in January.”
The DG emphasised that there was an urgent need for monetary and fiscal authorities to find an effective mix of measures and policies to checkmate the worrisome trend in inflation, especially in staple food prices.
