Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has expressed worry over the rising inflation numbers as contained in March’s consumer price index (CPI) released by the National Bureau of Statistics (NBS) on Wednesday.

The CPI indicated that headline inflation rose to 15.38 per cent in March, up from 15.06 per cent in February.

This, Almona said, has ended the recent disinflation trend and raised fresh concerns about the sustainability of near-term price stability.

The uptick, largely driven by increases in food inflation (14.31 per cent) and transport costs (16.9 per cent) as well as a rise in core inflation to 16.21 per cent, reflected renewed underlying price pressures in the economy, she said.

Of particular concern, she noted, is the impact of rising domestic fuel costs, which have intensified cost-push pressures across production, logistics and distribution value chains.

“From the perspective of the organised private sector (OPS), which LCCI is a part of, we must warn that this inflationary resurgence poses significant risks to business sustainability, consumer purchasing power and overall economic competitiveness,” she said.

Considering this, she urged the Federal Government to immediately stabilise energy prices and improve domestic supply.

The LCCI boss said: “We urge the government to prioritise measures that enhance domestic refining capacity, improve supply chain efficiency and reduce vulnerabilities to global energy price shocks. Greater transparency in pricing mechanisms and targeted interventions to stabilise fuel availability are critical in the short term.

“Government must also address bottlenecks in food supply chains. Food inflation continues to exert significant pressure on household welfare. There is an urgent need to strengthen agricultural productivity.

Also, addressing insecurity in food-producing regions and reducing post-harvest losses through better storage and logistics systems will help moderate food prices.

“Furthermore, rising transport costs are cascading into higher prices across sectors. The government must accelerate investments in transport infrastructure, including roads, rail, and inland waterways, while also addressing inefficiencies in port operations and reducing multiple taxation and checkpoints that increase the cost of moving goods.”

Also calling for FX stability and better access, she said volatility continues to drive imported inflation, particularly for manufacturers dependent on imported inputs.

“We recommend sustained efforts to improve FX liquidity, boost non-oil exports and restore investor confidence through predictable and transparent FX policies. With improved FX earnings from high crude oil prices, there should be a boost in its supply for businesses to support critical imports.

“We must promote local manufacturing through targeted incentives, improved access to credit and stable policy frameworks to reduce dependence on imports and mitigate exposure to external shocks. The ongoing efforts around industrial policy should be accelerated and effectively implemented,” she said.