Concerted policies on foreign exchange (forex), power, and transportation would tame inflation and engender a stable economy, experts said yesterday.
But they said the spiraling inflation may take more time to abate.
The National Bureau of Statistics (NBS) yesterday released its latest inflation figure, showing that the headline inflation rate rose by 98 basis points from 28.92 per cent last December to 29.90 per cent in January 2024.
A breakdown showed that inflationary pressures remained mainly around food, as rising production costs, transport fares, and insecurity concerns.
All, combined, continued to fuel food shortage and scarcity.
Food inflation stood at 35.4 per cent in January 2024 as against 33.9 per cent in December 2023. The rise in food inflation was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.
Chief Executive Officer (CEO) of, the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, said the persistent inflationary pressures in the Nigerian economy have continued to be a troubling phenomenon, especially because of the acceleration effect on poverty and deterioration of citizens’ welfare.
“It is very difficult to tame inflation if we do not fix power, logistics, and forex issues. Regrettably, there are no quick fixes in these areas. But it is important to prioritise these issues and ensure stability and recovery,” Yusuf, a former Director-General of the Lagos Chamber of Commerce and Industry (LCCI) said.
