The Lagos Chamber of Commerce and Industry (LCCI) has issued a statement expressing cautious optimism regarding the recent marginal decline in Nigeria’s inflation rate. While the August headline inflation rate decreased to 32.15 percent from 33.40 percent in July, the chamber warns that the overall inflationary environment remains challenging.
In a statement released on Thursday Dr. Chinyere Almona, the Director General of the LCCI, noted that the month-on-month improvement in inflation is a positive development. However, she emphasized that the year-on-year comparison still reveals a significant increase of 6.35 percent compared to July 2023. Additionally, the recent hike in the interest rate to 27.25 percent further complicates the business environment.
“The marginal drop in inflation reflects some level of policy impact but is insufficient to address the deep-rooted challenges, particularly in food and core inflation categories,” Dr. Almona stated.
