The Director-General of the LCCI, Chinyere Almona, stated this while responding to the May inflation figure of 22.97 per cent.


According to the National Bureau of Statistics, Nigeria’s headline inflation rate fell to 22.97 per cent in May, down from 23.71 per cent in April.

Almona noted that this development marks a positive, albeit modest, shift in the country’s inflation trajectory after several months of persistent increases. She attributed the marginal decline to consistent monetary tightening by the Central Bank of Nigeria, CBN, including interest rate adjustments and liquidity control measures.

The LCCI Director-General stressed that this improvement should be viewed with caution, given ongoing structural risks and looming shocks to food production and distribution.