The Lagos Chamber of Commerce and Industry (LCCI) has sounded the alarm over Nigeria's escalating food inflation, warning that despite some positive economic indicators, short-term price pressures continue to threaten household welfare and economic stability.
Mixed Signals in Inflation Data
Dr Chinyere Almona, the Director General of LCCI, acknowledged the recent National Bureau of Statistics (NBS) report showing headline inflation easing to 16.05 percent in October 2025. The data also indicated that food inflation slowed to 13.12 percent during the same period, marking Nigeria's seventh consecutive month of cooling prices.
However, Dr Almona emphasized that the monthly data reveals a more troubling narrative. Month-on-month inflation climbed to 0.93 percent in October, up significantly from 0.72 percent in September. This upward movement in short-term pricing pressures contradicts the broader improving trend and signals ongoing economic challenges.
Food Basket Dominates Inflation Concerns
The LCCI chief expressed particular concern about the food basket, which carries the most substantial weight in calculating Nigeria's Consumer Price Index (CPI). She noted that food inflation remains one of the most critical factors determining whether the economy experiences inflation or deflation.
"While we welcome the broader cooling trend, the persistent pressure in food prices demands immediate attention," Dr Almona stated. "The food sector's performance continues to disproportionately impact overall inflation figures and directly affects the living costs of Nigerian households."
Call for Coordinated Action
Dr Almona urged the government to implement targeted policy interventions that would immediately improve food security and reduce feeding costs for most families. She stressed that Nigeria stands at a pivotal turning point where coordinated action could transform easing inflation into lasting economic confidence.
The LCCI director also called on the business community to harness the emerging stability to reinvest, expand production capacity, and stimulate job creation. Sharp state-level disparities in inflation rates continue to persist, highlighting the need for localized approaches to complement national policies.
Despite the challenges, Dr Almona described the seven-month cooling trend as the clearest signal yet that economic pressures are beginning to loosen their grip on Africa's largest economy. She expressed optimism that with the right interventions, Nigeria could achieve a more prosperous future for all citizens.
