Nigeria’s consumer inflation decreased to 22.97% year-on-year in May, down from 23.71% in April, according to the statistics agency. The decline is seen as a potential easing of economic pressures, although inflation remains notably high.

Nigeria’s consumer inflation rate saw a slight decrease in May, hitting 22.97% year-on-year, as reported by the country’s statistics office. This marks a drop from the previous month’s rate of 23.71% recorded in April. The decline suggests a potential easing of price pressures in the economy, although rates remain high by historical standards. Stakeholders are closely monitoring these figures to gauge the broader economic health and potential policy responses moving forward.

In summary, Nigeria’s consumer inflation rate declined marginally in May to 22.97%, down from 23.71% in April. While the decrease is a positive sign, inflation is still significantly high, prompting ongoing scrutiny from analysts and policymakers as they consider future economic strategies.

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