For the third consecutive month, Nigeria’s monthly inflation rate has decreased, suggesting that the monetary policy tightening measures implemented by the Central Bank of Nigeria are proving to be effective.
The CBN underscored this point in a statement conveyed to reporters on Saturday.
As reported by the National Bureau of Statistics, the initial month-on-month inflation figure dropped to 2.14% in May, a decrease from April’s 2.29% and March’s 3.02%. In May, the rate of food inflation decreased for the third month in a row, reaching 2.28 percent.
The Deputy Governor of the Economic Policy Directorate at the Central Bank of Nigeria, Muhammad Abdullahi, noted, “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.”
“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.”
