Director General Lagos State Chamber of Commerce and Industry Dr. Chinyere Almona has expressed concerned over the excessive focus on exchange and interest rates management which according to her is coming the expense of inflation.
In a Press Statement released to the Media, the DG said there is an urgent need for monetary and fiscal authorities to find an effective mix of measures and policies to tackle the worrisome trend in inflation, especially staple food prices.
“Apart from eroding purchasing power, it has led to inventory stockpiles. If left unchecked, the high inflation may further constrain production, lead to a steeper rise in poverty figures, frustrate economic growth, and lead to higher unemployment and non-competitive exports, especially in the sub-region.”
In January, Consumer Price Index (CPI) as at end-February, 2023 stood at 21.91% against 21.82%, according to the figures released by the National Bureau of Statistics (NBS).
This inched inflation upwards by 0.09 percentage points in the period. With a 21.67% rise, food prices led the contributors to this unwholesome position, while meat (4.78%) contributed the least.
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% (YoY) in February from 19.16% recorded in January.
The sustained upward trend in the general price level in recent times has had significant but bothersome impacts on the household and business sectors.
“The Lagos Chamber of Commerce and Industry is concerned about the excessive focus on exchange and interest rates management. These are not statistics that should be staring at the country in the near term.
“Unfortunately, this is at the expense of inflation. There is an urgent need for monetary and fiscal authorities to find an effective mix of measures and policies to thwart the worrisome trend in inflation, especially staple food prices.”
The Consumer Price Index (CPI) as at end-February, 2023 was 21.91% against 21.82%, in January, according to the figures released by the National Bureau of Statistics (NBS). Inflation has therefore inched upwards by 0.09 percentage points in the period. With a 21.67% rise, food prices led the contributors to this unwholesome position, while meat (4.78%) contributed the least.
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% (YoY) in February from 19.16% recorded in January.
The sustained upward trend in the general price level in recent times has had significant but bothersome impacts on the household and business sectors. Apart from eroding purchasing power, it has led to inventory stockpiles.
If left unchecked, the high inflation may further constrain production, lead to a steeper rise in poverty figures, frustrate economic growth, and lead to higher unemployment and non-competitive exports, especially in the sub-region. These are not statistics that should be staring at the country in the near term.
