Hot Source
Dike Onwuamaeze
The Lagos Chamber of Commerce and Industry (LCCI) has applauded the latest NBS data, which showed that headline inflation and food inflation declined to 16.05 per cent and 13.12 per cent respectively in October 2025.
The Director General of LCCI Dr. Chinyere Almona, in a statement yesterday, noted that this marked Nigerias seventh consecutive month of cooling prices, and it is the clearest signal yet that economic pressures were beginning to loosen their grip.
Almona said: This decisive drop, driven by softer food prices, a stronger currency, and improved harvest outcomes, offers a glimmer of stability for businesses struggling with rising costs and households strained by months of high food costs.
She, however, observed that this progress remains fragile with month-on-month inflation continuing to tick upward and sharp state-level disparities persisting.
She also stated that the monthly data on the headline figure tells a more complicated story.
The month-on-month inflation climbed to 0.93 per cent in October, up from 0.72 per cent in September.
It can be taken that while the broader trend is improving, short-term price pressures remain a concern.
Most of our concerns come from the components of the food basket, which still carry the most significant weight in estimating Nigerias Consumer Price Index, Almona added.
She added that, we must remain focused on implementing policy interventions to improve food security and reduce the feeding costs of most households.
The LCCI also urged policymakers to seize this moment to lock in gains through bold foreign exchange reforms, stronger food security systems, and decisive fixes to supply-chain bottlenecks.
We also call on the business community to harness this emerging stability to reinvest, expand production, and stimulate job creation.
Nigeria now stands at a pivotal turning point, one where coordinated action can transform easing inflation into lasting economic confidence and a more prosperous future for all, the chamber said.
