Nigeria’s monthly inflation rate has slowed for the third month in a row, showing the impact of the Central Bank of Nigeria’s (CBN) monetary policy measures. The CBN announced this in a statement on Saturday.
According to the National Bureau of Statistics, the monthly inflation rate dropped to 2.14% in May, down from 2.29% in April and 3.02% in March. Food inflation also decreased for the third month in a row, reaching 2.28% in May.
Muhammad Abdullahi, Deputy Governor of the Economic Policy Directorate at the CBN, said, “The inflation trend is improving steadily. We will continue to use coordinated policies to ensure the worst of the inflationary cycle is behind us soon.”
The CBN has been working to combat inflation since February, and the latest monthly figures show a positive trend. While year-on-year inflation is still rising, the monthly rates indicate a slowdown in price increases for essential goods.
The CBN Governor, Olayemi Cardoso has made tackling inflation a top priority to achieve sustainable economic growth and improve the standard of living for Nigerians.
The decline in inflation rates is a nationwide trend, with 13 states, including Abuja, Akwa Ibom, and Rivers, experiencing a slowdown in year-on-year inflation in May.
Abdullahi noted that, “This development is a promising sign that the CBN’s policies are having the desired effect, and Nigerians may soon experience relief from the high cost of living that has persisted since the COVID-19 pandemic.”
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