13 States Report Decrease In Inflation Rates Due To CBN Measures

13 States Report Decrease In Inflation Rates Due To CBN Measures....KINDLY READ THE FULL STORY HERE▶

Nigeria’s inflation rate has shown a steady decline over the past three months, reflecting the efficacy of the Central Bank of Nigeria’s recent monetary policy adjustments.

The CBN announced this positive trend in a statement released on Saturday, underscoring its ongoing efforts to stabilize the economy.

According to the latest data from the National Bureau of Statistics, the headline month-on-month inflation rate dropped to 2.14% in May, down from 2.29% in April and 3.02% in March. Concurrently, food inflation also decreased for the third consecutive month to 2.28% in May.

Muhammad Abdullahi, Deputy Governor of the CBN’s Economic Policy Directorate, expressed optimism about the gradual turnaround in inflation trends, stating, “We are witnessing a gradual shift in the inflation landscape. Through continued coordinated policy interventions, we aim to decisively address lingering inflationary pressures.”

The CBN’s concerted efforts since February have begun to bear fruit, as evidenced by the recent monthly figures. Although year-on-year inflation rates continue to rise, the monthly data reveals a notable slowdown in the rate of price increases for essential commodities.

CBN Governor Olayemi Cardoso reiterated the institution’s commitment to tackling inflation as a crucial step towards fostering sustainable economic growth and improving the living standards of Nigerians.

The decline in inflation rates is not confined to specific regions but is observed nationwide, with 13 states, including Abuja, Akwa Ibom, and Rivers, reporting a deceleration in year-on-year inflation in May.

Abdullahi further emphasized, “These developments signify promising outcomes from the CBN’s policy interventions, hinting at potential relief from the persistent high cost of living exacerbated by the COVID-19 pandemic.”

This downward trajectory in inflation rates underscores the CBN’s proactive approach in navigating economic challenges and fostering a more stable economic environment for Nigeria.