Since some measures are still required to support the increase in pricing for products and services, the director/CEO of the Centre for the Promotion of Private Enterprise [CPPE] has advised the federal government to view the decline in inflation data with cautious optimism.
According to the National Bureau of Statistics (NBS), the inflation rate decreased for four months in July, falling to 21.88 percent.
However, Yusuf said in a statement yesterday that pressures still exist despite these achievements, as headline inflation increased from 1.68% in June to 1.99% in July, while food inflation increased marginally from 21.97% to 22.74% in the same period last year.He claimed that these changes highlight the economy’s ongoing susceptibility to supply-side shocks.He went on to say that the outlook necessitates prudence and ongoing changes in order for the government to keep the FX market stable and stabilize inflation expectations.
He added that issues including high import and logistics costs, climatic hazards, insecurity, and port inefficiencies that drive up prices and maintain inflation must be addressed.
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