LCCI warns against complacency over rebased inflation figures

The National Bureau of Statistics in Nigeria recently announced a significant downward revision of the inflation rate to 24.48% in January from 34.80% in December, following a rebasing of the Consumer Price Index. Critics argue that this rebasing, which updated the base year and the weighting of the inflation basket, creates a misleading perception of reduced inflation, masking ongoing economic hardships such as soaring food and transportation costs. The Lagos Chamber of Commerce and Industry cautioned against complacency over the new figures, highlighting that many businesses and households continue to face high prices despite the statistical adjustment. The Central Bank of Nigeria's decision to maintain the Monetary Policy Rate at 27.50% is seen as a stabilizing move in the face of rising interest rates that have burdened business operations. Overall, while the rebased figures align with global statistical practices, the real-life experiences of citizens suggest that inflationary pressures remain a pressing concern. Stakeholders emphasize the need for the government to focus on the fundamental causes of inflation rather than relying solely on statistical adjustments.