Nigeria’s May Consumer Inflation Rate Declines to 22.97% Year-on-Year

Nigeria’s consumer inflation rate dropped to 22.97% year-on-year in May, down from 23.71% in April, according to the National Bureau of Statistics. The decline shows some easing in inflation pressures, though the rate remains a concern for the economy and consumers alike.

Nigeria’s consumer inflation rate in May recorded a year-on-year decrease, landing at 22.97%, down from 23.71% in April. This statistic was released by the country’s National Bureau of Statistics on Monday. Although the drop signals a change, inflation remains a critical issue for Nigeria, impacting consumers and the economy at large.

This slight decline is an indication of some easing in price pressures, but it is still well above the comfort zone for many economic analysts. The persistent inflation is often attributed to various factors, including supply chain disruptions and rising costs of goods.

Nigerians continue to feel the effects of inflation in their daily lives, as everyday essentials have become progressively more expensive. The government and economic stakeholders are closely watching these numbers as they strategize on how to further stabilize the economy and support consumers in these challenging times.

In summary, Nigeria’s consumer inflation rate has modestly declined to 22.97% as of May, a drop from the previous month’s rate. With inflation still being a significant concern, it highlights ongoing economic challenges for the nation. Monitoring such trends will be vital as Nigeria seeks to mitigate the economic impact on its citizens.

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