Inflation: Tinubu’s hard decisions beginning to bear fruits – Nigerian govt

The NBS disclosed this in its April Consumer Price Index and
inflation data released on Thursday.

The figure showed that Nigeria’s inflation cooled off by
1.86 percent on a month-on-month basis.

Similarly, the food inflation rate in April stood at 21.26
percent.

Speaking at the press briefing on Friday, the Minister said,
“The President is focused and is determined, and his determination and his
interventions are clearly seen of the benefits of reform, though gradually, are
real and measurable.

“One of the key indicators of relief is the food inflation
rate. While food prices remain an important concern for many Nigerians, the
year on year, food inflation rate has eased to 21.26% in April on a month on
month basis, it slowed to 2.06% that is down from 2.18% in March.

“This positive movement has largely been driven by price
reduction in several items such as maize flour, wheat, yam flour, okra, soya
beans, rice and beans, the major drivers of headline inflation, food and non
alcoholic beverages, restaurants and accommodation, services and transport are
being targeted through strategic government interventions in the agricultural
sector, in transportation and also in other services.

“These efforts are yielding results and helping to ease
pressure on household incomes.

“We acknowledge that we are not yet where we desire to be,
but these latest figures give us every reason to be hopeful.

“They show that hard decisions are beginning to bear fruit,
and as inflation eases, we expect to see corresponding improvements in consumer
purchasing power and living conditions for all Nigerians generally.

“Let me also assure you that the federal government will
continue to sustain this tempo. Our focus remains on implementing people
centered policies that guarantee relief, restore economic stability and ensure
shared prosperity for all Nigerians.”