Nigeria’s Inflation Eases to 16.05%, Offering Relief to Businesses and Households, LCCI Reports
The Lagos Chamber of Commerce and Industry (LCCI) has described Nigeria’s recent decline in headline inflation as providing a “glimmer of stability” for businesses grappling with rising costs and households strained by months of high food prices.
Inflation Figures Show Promising Trend
According to the latest data from the National Bureau of Statistics (NBS), headline inflation eased to 16.05 percent in October 2025, while food inflation slowed to 13.12 percent. This represents the clearest signal yet that economic pressures are beginning to ease after months of sustained increases.
Dr. Chinyere Almona, Director General of LCCI, stated that the development offers welcome relief to both the business community and Nigerian families who have been coping with escalating living costs.
Cautious Optimism Amid Persistent Challenges
Despite the positive year-on-year trend, the Chamber emphasized that the situation remains fragile. Month-on-month inflation actually increased to 0.93 percent in October, up from 0.72 percent in September, indicating that short-term price pressures continue to challenge economic stability.
“Most of our concerns stem from the components of the food basket, which still carry the most significant weight in calculating Nigeria’s Consumer Price Index,” the LCCI noted in its statement.
Call for Strategic Policy Interventions
The business advocacy group urged policymakers to capitalize on the momentum by implementing bold foreign exchange reforms, strengthening food security systems, and addressing supply-chain bottlenecks that have contributed to price volatility.
“We must remain focused on implementing policy interventions to improve food security and reduce the cost of feeding for most households,” the Chamber emphasized.
Opportunity for Business Recovery
The LCCI encouraged the business community to leverage the emerging stability to reinvest, expand production capacity, and stimulate job creation. The Chamber called for coordinated action across government and private sectors to transform the easing inflation into lasting economic confidence.
The inflation decline comes as Nigeria continues to navigate economic reforms and global economic uncertainties that have affected emerging markets worldwide.
Source: Tribune Online