The Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to tackle the economy in a timely manner, rather than the excuse that monetary policy rate was raised on fears of petrol price hike.
The Director-General of LCCI, Dr. Chinyere Almona, in a press release in Lagos yesterday, said that the multiplier effects of the marginal drop in August headline inflation rate to 32.15 per cent, down from 33.40 per cent in July, still highlighted a troubling 6.35 per cent increase compared to July 2023, adding that the interest rate raised to 27.25 per cent both presented a tense business environment.
The LCCI DG stated that the chamber remained concerned that food inflation surged to 37.52 per cent year-on-year, with core inflation reaching 27.25.5 per cent both of which highlight severe pressure on the purchasing power of Nigerians.
Almona noted: “The Lagos Chamber of Commerce and Industry (LCCI) acknowledges the many efforts by the government towards a monetary easing regime. The marginal drop in the August headline inflation rate to 32.15% per cent down from 33.40 per cent in July, is on a good note.
“While this represents a month-on-month improvement, the broader year-on-year comparison still highlights a troubling 6.35 per cent increase compared to July 2023, and the interest rate raised to 27.25 per cent both present a tense business environment.