What do you believe is the single most important factor driving up the cost of living in Nigeria?

Almona said, “The marginal drop in the August headline inflation rate to 32.15 per cent, down from 33.40 per cent in July, is on a good note. While this represents a month-on-month improvement, the broader year-on-year comparison still highlights a troubling 6.35 per cent increase compared to July 2023, and the interest rate raised to 27.25 per cent both presenting a tense business environment.

“The marginal drop in inflation reflects some level of policy impact but is insufficient to address the deep-rooted challenges, particularly in food and core inflation categories.”

The chamber described as an unsustainable argument CBN’s justification for increasing the interest rate in September due to fears of a petrol price hike.

“The excuse by the CBN that the monetary policy rate was raised on fears of a petrol price hike is not a sustainable argument,” Almona asserted.

On Tuesday, the CBN’s Monetary Policy Committee voted to increase the MPR, which measures the benchmark interest rate, to 27.25 per cent from 26.75 per cent.

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