Nigeria’s monthly inflation rate has declined for the third month in a row, reflecting the success of the Central Bank of Nigeria’s monetary policy tightening efforts.
According to The PUNCH, in a statement released to journalists on Saturday, the CBN emphasized this progress.
The National Bureau of Statistics reported that the headline month-on-month inflation rate dropped to 2.14 percent in May, compared to 2.29 percent in April and 3.02 percent in March.
Food inflation also decreased for the third consecutive month, falling to 2.28 percent in May.
The Deputy Governor of the Economic Policy Directorate at the CBN, Mohammad Abdullahi, remarked, “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 nearest future.”
The CBN has been actively working to combat inflation since February, and the monthly figures show a positive trend.
Although year-on-year inflation remains on the rise, the monthly rates indicate a deceleration in the price increases of essential goods.
CBN Governor, Olayemi Cardoso, has prioritized addressing inflation to achieve sustainable economic growth and enhance the standard of living for Nigerians.
The reduction in inflation rates is a national trend, with 13 states, including Abuja, Akwa Ibom, and Rivers, seeing a slowdown in year-on-year inflation in May.
Abdullahi noted, “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.”
