The prolonged increase in the overall price level in recent years has weakened some people’s purchasing power, the Lagos Chamber of Business and Industry has cautioned.
In a press release issued by its Director-General, Chinyere Almona, the chamber said that growing inflation had made life harder for Nigerians, particularly at a time when multifaceted poverty had reached record levels with 133 million people living below the poverty line.
The LCCI asserts that while rates are being raised by the monetary authority to combat inflation, the supply side should also be vigorously investigated.
It advised the equal application of additional monetary and fiscal measures to control inflation.
The National Bureau of Statistics reports that headline inflation increased by 0.47 percent.