The Lagos Chamber of Commerce and Industry has urged the Central Bank of Nigeria to suspend interest rate hikes as a measure to alleviate supply-side pressures contributing to rising inflation.
In a statement released on Monday, the Director-General of LCCI, Dr. Chinyere Almona, responded to the August inflation rate of 25.80 per cent.
The PUNCH reports that inflation rose to 25.80 per cent in August 2023, 1.72 per cent points higher than the 24.08 per cent recorded in the previous month.
She emphasized the need for businesses to implement various cost-reduction strategies to lower operational expenses and maintain profitability amidst inflationary challenges.
