Thirteen states have reported a decrease in inflation rates following the implementation of Central Bank of Nigeria (CBN) policies.
For the third consecutive month, Nigeria's monthly inflation rate has declined, indicating that the CBN's monetary policy tightening measures are proving effective.
The CBN highlighted this in a statement to reporters on Saturday.
According to the National Bureau of Statistics, the month-on-month inflation rate fell 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, the Deputy Governor of the Economic Policy Directorate at the CBN, stated, “Slowly but surely, the inflation tide is turning. We will continue to work diligently with coordinated policy measures to ensure that the worst of the inflationary cycle is behind us in the near future.”
“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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