Economy News Correspondent
Ruth Ogbechie
Nigeria’s inflation rate has eased to 21.8%, marking a rare moment of relief for consumers and businesses struggling under persistent price pressures. The latest figures, released by the National Bureau of Statistics (NBS), show a decline from the previous month’s rate, signaling a potential slowdown in the upward trajectory of living costs.
According to the NBS, the marginal drop is driven largely by improved food supply in key markets, a relative stabilization of the naira in recent weeks, and targeted interventions by the Central Bank of Nigeria (CBN) to curb inflationary pressures. The report also highlights reductions in the prices of some staple food items, transportation costs, and selected household goods.
While the slowdown is welcomed, experts caution that at 21.8%, inflation remains significantly above the Central Bank’s target range. Economists note that sustained progress will require a combination of policies, including improved agricultural productivity, better infrastructure for distribution, and fiscal discipline to maintain currency stability.
For ordinary Nigerians, the drop offers modest hope that the worst of the price surges may be over. Traders in Lagos and Abuja reported slightly lower costs for goods such as rice, beans, and vegetables, though many insist that more consistent declines are needed before households feel real relief.
The NBS stressed that continued monitoring and proactive economic management will be crucial to sustaining the downward trend. Whether this marks the beginning of a long-term easing or just a temporary reprieve remains to be seen, but for now, the data offers a glimmer of optimism in an otherwise challenging economic climate.
