Nigeria’s monthly inflation rate has decreased for the third month in a row, with the Central Bank of Nigeria (CBN) announcing that it shows its efforts to control inflation are working.
The National Bureau of Statistics recently reported that the inflation rate from month to month went down to 2.14% in May from 2.29% in April and 3.02% in March.
Food inflation, which is a big part of Nigeria’s inflation, also went down for the third month in a row to 2.28% in May.
Reacting, the Deputy Governor of the apex bank, Muhammad Abdullahi, said that inflation is getting better and that the bank will keep working hard to make sure that the worst of the inflationary cycle is over soon.
The CBN added that the bank under Governor Olayemi Cardoso has been working to fight inflation since February and that the numbers show that things are getting better.
Even though inflation from year to year is still going up, the monthly rates show that prices are rising more slowly for things people need.
The report said inflation is going down in states, including Abuja, Akwa Ibom, and Rivers. Others are Borno, Cross River, Delta, Katsina, Ondo, and Oyo states.
Abdullahi said that this is a good sign that Nigerians may soon feel better about the high cost of living that has been going on since the COVID-19 pandemic.
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