Rate hikes ineffective against inflation, LCCI tells CBN

The statement read in part, “While the CBN has the overarching mandate of ensuring price stability, we suggest it should not be done in a manner that compromises growth, more especially in the face of high unemployment.

“Inflation chips away at purchasing power leads to inventory stockpiles, undermines growth, and creates a lot of economic uncertainties. Taming it, however, should not be done at the expense of growth and the most vulnerable sectors.” It further said that the instrumentality of monetary policy alone appears insufficient to guarantee the desired results of low, stable, and predictable prices.

The chamber advocated that the structural rigidities around infrastructure and agriculture should be looked into and tackled to rein in inflation.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

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