Increased inflation rate poses no threat to economy – LCCl

The Lagos Chamber of Commerce and Industry (LCCI) on Monday said that the 9.1 percent inflation recorded in April was still satisfactory.

Muda Yusuf, the director general, LCCI, told the News Agency of Nigeria (NAN) in Lagos that the inflation rate was still single digit and did not pose any threat to the economy.

It would be recalled that the National Bureau of Statistics (NBS) on April 16 said the inflation rate increased from 8.6 percent in March to 9.1 percent in April.

Yusuf also said that the development was an indication that the economy was stable.

He advised the Central Bank of Nigeria (CBN) to strengthen its inflation targeting measures to ensure that the rate did not exceed the single digit.

Yusuf also advised the Federal Government to focus on stimulating the economy to produce more goods and services for local consumption and for export.