Nigeria’s inflation rate has slowed for the third consecutive month, reflecting the impact of the Central Bank of Nigeria's (CBN) monetary policy measures. According to the National Bureau of Statistics, the monthly inflation rate decreased to 2.14 percent in May, down from 2.29 percent in April and 3.02 percent in March. Food inflation also saw a decline, reaching 2.28 percent in May.
In a statement on Saturday, the CBN emphasized the significance of these figures. Muhammad Abdullahi, Deputy Governor of the Economic Policy Directorate, 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 implementing measures to combat inflation since February, and the recent monthly data points to a positive trend. Although year-on-year inflation remains high, the month-on-month figures indicate a reduction in the rate of price increases for essential goods.
CBN Governor Olayemi Cardoso has prioritized tackling inflation to achieve sustainable economic growth and improve living standards for Nigerians.
The trend is consistent across the country, with 13 states, including Abuja, Akwa Ibom, and Rivers, reporting a slowdown in year-on-year inflation for May.
“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,” Abdullahi added.
The CBN remains committed to its inflation-fighting measures as it aims to stabilize the economy and enhance the quality of life for all Nigerians.
