Home Business Rising inflation pushing more into poverty — LCCI

Rising inflation pushing more into poverty — LCCI

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The Lagos Chamber of Commerce and Industry, LCCI, has warned that purchasing power has been weakened due to the sustained rise in the general price level in recent times.

In a statement signed by its Director-General, Chinyere Almona, LCCI stated that the rising inflation had worsened the plight of Nigerians, particularly at a time when multidimensional poverty had climbed too high with an unprecedented 133 million Nigerians living below the poverty line.

The Chamber believes that as the monetary authority is hiking rates to beat inflation, the supply side should also be explored with the same vigour while adding that other monetary and fiscal policies should be equally deployed to curb inflation.

The statement partly read, “The sustained rise in the general price level in recent times has caused some weakening in purchasing power. This is coming at a time when multidimensional poverty has climbed too high with an unprecedented 133 million Nigerians living below the poverty line (NBS).

“The impact of rising inflation is far-reaching. It distorts fixed interest rate payments for recipients and payers alike, leaving in its trail disruptions and dislocations in the economy.”

LCCI also urged the CBN to check the extent of its monetary financing of the Federal Government through ways and means.

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