The Deputy Governor of the Economic Policy Directorate at the Central Bank of Nigeria (CBN), Muhammad Abdullahi, has assured Nigerians that relief from the high cost of living may be on the horizon.
The assurances have raised hope for many who have been struggling with the current harsh economic impacts’ consequent to the removal of fuel subsidy by President Bola Tinubu.
Abdullahi who shared this positive outlook in a statement released to the press in Abuja on Saturday, also highlighted that Nigeria’s monthly inflation rate has been on a downward trend for the third consecutive month, signaling the effectiveness of the CBN’s monetary policy tightening measures.
The latest data from the National Bureau of Statistics revealed a decrease in the headline month-on-month inflation rate to 2.14% in May, down from 2.29% in April and 3.02% in March. Food inflation also saw a decline for the third consecutive month, dropping to 2.28% in May.
Addressing the encouraging trend, Abdullahi stated, “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’s sustained efforts to combat inflation since February are showing positive results, with monthly inflation rates indicating a slowdown in price increases for essential goods. Governor Olayemi Cardoso has emphasized the importance of tackling inflation to foster sustainable economic growth and enhance the quality of life for Nigerians.
The decline in inflation rates is not limited to a few regions but is a nationwide trend, with 13 states, including Abuja, Akwa Ibom, and Rivers, experiencing a slowdown in year-on-year inflation in May. Abdullahi expressed optimism that these developments signify the CBN’s policies are yielding the desired outcomes, paving the way for potential relief from the prolonged high cost of living post-COVID-19.
