Nigeria’s monthly inflation rate slowed for the third month in a row, indicating the effectiveness of the Central Bank of Nigeria’s monetary policy tightening measures.
CBN highlighted this in a statement shared with journalists on Saturday.
According to the National Bureau of Statistics, the headline inflation rate fell month-on-month to 2.14 percent in May, down from 2.29 percent in April and 3.02 percent in March. Food inflation also fell for the third month in a row to 2.28 percent in May.
The Deputy Governor of the Economic Policy Directorate of the Central Bank of Nigeria, Mohammed Abdullahi, has said that the tide of inflation is turning slowly but surely. We will continue to work hard with coordinated policy measures to ensure that the worst of the inflationary cycle is behind us in the near future.
The Central Bank of Nigeria’s efforts to combat inflation have continued since February, and the monthly figures indicate a positive trend. While year-on-year inflation continues to rise, monthly rates show a slowdown in commodity price increases.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has made tackling inflation a top priority to achieve sustainable economic growth and improve the standard of living of Nigerians.
Lower inflation rates are a national trend, with 13 states, including Abuja, Akwa Ibom and Rivers, seeing inflation slow year-on-year in May.
“This development is a promising sign that the policies of the Central Bank of Nigeria are having the desired effect, and Nigerians may soon feel relief from the rising costs of living that have persisted since the Covid-19 pandemic,” Abdullahi noted.
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