Nigeria's headline monthly inflation rate slowed for a third consecutive month in May 2024, reaching 2.14%.
Nigeria's headline monthly inflation rate slowed for a third consecutive month in May 2024, indicating the Central Bank of Nigeria's (CBN) monetary policy tightening measures are effective. Headline inflation decreased to 2.14% in May from 2.29% in April and 3.02% in March. Food inflation also fell for the third consecutive month in May, dipping to 2.28% from 2.50% in April and 3.79% in February. The CBN aims to stabilize the cost of living in the country, a priority for Governor Olayemi Cardoso in achieving long-term economic growth and improving the standard of living for Nigerian citizens.
June 22, 2024
12 Articles