March inflation uptick driven by food and transport costs threatens stability, weakens consumer spending power….
The Lagos Chamber of Commerce and Industry (LCCI) has warned that Nigeria’s latest rise in inflation is putting increasing pressure on businesses and could undermine economic stability if not urgently addressed.
This follows new data released by the National Bureau of Statistics (NBS), which shows that headline inflation climbed to 15.38 percent in March 2026, up from 15.06 percent in February, reversing a short-lived easing in price growth.
Reacting to the figures, LCCI Director General Chinyere Almona said the increase reflects renewed price pressures across the economy, largely fueled by higher food prices, rising transport costs, and persistent core inflation.
According to her, the development effectively halts the recent disinflation trend and raises concerns about how sustainable price stability will be in the months ahead.
She pointed to rising domestic fuel costs as a major driver of the surge, noting that global geopolitical tensions have continued to influence energy prices. This, in turn, is pushing up costs across production, logistics, and distribution chains, factors that ultimately feed into consumer prices.
From the perspective of the organised private sector, Almona warned that the renewed inflationary pressure is not just a macroeconomic issue but a direct threat to business operations. Companies are now grappling with higher input costs, shrinking margins, and reduced consumer purchasing power, all of which weaken competitiveness.
She also highlighted the broader economic implications, stressing that sustained inflation could erode demand, slow growth, and make it harder for businesses to plan and invest with confidence.
In response, the LCCI is calling on the Federal Government to implement urgent and coordinated policy measures to curb rising prices. Key recommendations include stabilising energy costs, improving domestic fuel supply, and addressing structural inefficiencies in food production and distribution.
The chamber also emphasized the need to ease transportation and logistics constraints, improve access to foreign exchange, and support local industries to boost productivity and reduce reliance on imports.
Almona stressed that tackling inflation will require more than short-term fixes, urging policymakers to focus on long-standing structural challenges across energy, agriculture, logistics, and currency stability.
“The resurgence of inflationary pressures underscores the need for urgent, targeted, and sustained policy responses,” she said, adding that restoring price stability will be critical to supporting businesses and driving broader economic recovery.
As inflation edges higher again, businesses and consumers alike are bracing for tougher conditions raising the stakes for policymakers to act swiftly and decisively.
