The Lagos Chamber of Commerce and Industry, L.C.C.I., has warned that the sustained rise in the general price level in recent times has caused some weakening in purchasing power.
In a statement signed by its Director-General, Chinyere Almona, said the rising inflation had worsened the plight of Nigerians, particularly at a time when multidimensional poverty had climbed too high with an unprecedented 133 million Nigerians living below the poverty line.
The LCCI said while the monetary authority keeps hiking rates to beat inflation, the supply side should also be explored with the same vigour.
It said other monetary and fiscal policies should be equally deployed to tame inflation.