Nigeria’s headline month-on-month inflation rate has
reportedly slowed for a third time in a row in May 2024, according to the
Central Bank of Nigeria.
The reduction follows the monetary policy tightening
measures created to achieve that effect, the CBN says in a statement.
The Headline inflation decelerated in May to 2.14 percent
from a month earlier, slowing from 2.29 per cent in April and 3.02 per cent in
March, according to the National Bureau of Statistics (NBS).
The monthly rate declined from as high as 3.12 percent in
February, reflecting a slowdown in price increases for essential goods, food
inflation also fell for a third consecutive month to 2.28 per cent in May, from
2.50 per cent in April, and as much as 3.79 per cent in February, the NBS data
show.
The statement said the ”monthly inflation trend underscores
conviction from members of the CBN’s Monetary Policy Committee (MPC) that a
combination of tighter monetary policy and appropriately coordinated fiscal
measures from the Federal Government will prove effective in arresting the
sharp increase in the cost of living that has afflicted Nigerians since the
aftermath of the COVID epidemic.
“Slowly but surely, the inflation tide is turning, said
Muhammad Sani Abdullahi, Deputy Governor, Economic Policy Directorate at the
CBN.
”While the numbers are not yet uniform for all measures,
such as year-on-year across the entire country, 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.”
Meanwhile, the year-on-year inflation slowed in May for 13
Nigerian states, including Abuja, Akwa Ibom, Borno, Cross River, Delta,
Katsina, Ondo, Oyo and Rivers.
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