Several interesting events rocked the Nigerian macroeconomic environment in May 2023. Consumer Price Index (CPI) for April 2023 rose by 18 bps to 22.22% YoY, its highest level since
September 2005, (vs 22.04% YoY in March 2023). This uptick was driven by both the food (+24.61 YoY) and core (+20.14% YoY) indices. Consequently, the Monetary Policy Committee, during its May meeting, reiterated its dedication to ensuring overall price stability. As a result, the Committee hiked the Monetary Policy Rate (MPR) for the 7th consecutive time since May 2022, bringing it to 18.50% (its highest level in 20 years).
