INFLATION STILL HIGH DESPITE LATEST DECLINE, OPS WARNS

The Organised Private Sector (OPS) has warned that inflation remains dangerously high despite the latest decline in the rate, urging the Federal Government to take more aggressive measures to address the root causes of price increases.

The OPS made the observation on Friday in a statement signed by its Chairman, Mr. Segun Ajayi-Kadir. While acknowledging the slight drop in the inflation rate, the group emphasised that the current level is still too high and continues to erode the purchasing power of Nigerians.

“Inflation may have declined marginally, but it remains a major threat to businesses and households. We urge the government to intensify efforts to tackle the underlying factors driving price increases,” Ajayi-Kadir stated.

The OPS called for improved security to boost agricultural production, better management of the foreign exchange market, and increased investment in local manufacturing to reduce dependence on imports. The group also advocated for the removal of bottlenecks hindering the efficient distribution of goods across the country.

Economists have attributed the persistent high inflation to factors such as rising energy costs, supply chain disruptions, and the impact of recent economic reforms. The OPS warned that if not addressed promptly, the situation could lead to further business closures and job losses.

The Federal Government has assured that it is implementing various measures to bring down inflation, including increased spending on agriculture, improved foreign exchange supply, and fiscal discipline. Officials said the effects of these interventions will become more visible in the coming months.

The OPS has pledged to work closely with the government to support policies that will stabilise prices and promote economic growth. The group also called on businesses to explore ways to improve efficiency and absorb some of the cost pressures to protect consumers.

As inflation continues to be a major concern for Nigerians, the OPS warning highlights the need for urgent and comprehensive action to restore price stability and improve the living standards of citizens.