The sustained increase in the general price level in recent years has weakened some people’s purchasing power, the Lagos Chamber of Commerce and Industry has warned.

In a press release signed by its Director-General, Chinyere Almona, the chamber claimed that rising inflation had made life worse for Nigerians, particularly at a time when multifaceted poverty had reached record levels with 133 million people living below the poverty line.

The LCCI asserts that while rates are being raised by the monetary authority to combat inflation, the supply side should also be vigorously investigated.

It advised the equal application of additional monetary and fiscal measures to control inflation.

Part of the statement read, “The recent sustained increase in the general price level has resulted in some weakening in purchasing power. This is happening at a time when multifaceted poverty has reached unprecedented levels, with 133 million Nigerians living in poverty (NBS).

“Rising inflation has a significant impact. It distorts fixed interest rate payments for both payers and recipients, causing economic disruptions in its wake.

The statement continued by advising the CBN to assess the scope of its financial financing of the Federal Government through various channels.

The National Bureau of Statistics reports that after edging up a few basis points in the month of December 2022, headline inflation increased by 0.47 percent to 21.83 percent in January 2023.