The Lagos Chamber of Commerce and Industry and an economist have warned that the recent rise in the general price level has weakened purchasing power.
Earlier, the National Bureau of Statistics, NBS, disclosed that January inflation jumped to 21.82 per cent from 21.34 per cent the month before.
The chamber, in a statement signed by its Director-General, Chinyere Almona, said the rising inflation had worsened the plight of Nigerians, mainly when multidimensional poverty had climbed too high, with an unprecedented 133 million Nigerians living below the poverty line.
“The recent rise in the general price level has caused some weakening in purchasing power. It 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,” the statement said.
Reacting to the development, a Professor of Management and Accounting at Lead City University, Ibadan, Godwin Oyedokun, said the rising inflation rate should concern Nigerians.
“With all this unrest, the President, Muhammadu Buhari, in his recent speech last week, said the country’s inflation is getting better.
“Nigeria’s problem has defiled theories; there is a way we think in Nigeria that renders economic fundamentals unaffected.
“Inflation is something to worry about due to the suffering citizens face. The prices of goods and services have gone to the rooftop. We should expect more while we await this government to vacate power”, he stated.
