Nigeria’s inflation eases to 23.71%, reducing possible rate hike
- Nigeria's consumer price inflation decelerated to 23.71% year-on-year in April.
- Food prices like maize, wheat, and yam contributed to the decline in inflation.
- Core inflation stood at 23.39%, influenced by rising utility tariffs and communication service charges.
While the decrease in headline inflation is a positive development, the persistent high core inflation and rising costs of essential services indicate underlying economic challenges. Stakeholders should closely monitor the central bank's policies and their impact on inflation trends, as well as the effectiveness of government interventions in stabilizing prices.
