Nigeria inflation eases for second month after data overhaul

Nigeria's inflation rate has shown signs of easing for the second consecutive month following a significant overhaul of its statistical data collection methods. The National Bureau of Statistics (NBS) reported a decline in the inflation rate to 24.08% in October, down from 24.77% in September. This change follows the introduction of new methodologies aimed at improving the accuracy and reliability of economic indicators.

The recent adjustments are part of broader efforts by the Nigerian government to enhance its economic reporting framework, addressing longstanding concerns about data integrity. Analysts view this downward trend as a positive development, suggesting it may provide some relief to consumers grappling with rising prices.

Despite this promising shift, experts caution that challenges remain, particularly in sectors like food and energy, which continue to exert upward pressure on costs. Policymakers will need to navigate these complexities carefully as they work towards stabilizing Nigeria's economy and fostering sustainable growth amid ongoing global economic uncertainties.