Nigeria’s inflation rate rises to 33.69% in April amid worsening hardship

Nigeria’s inflation surged to 33.69 per cent in April from 33.20 per cent in March, amid worsening economic hardship in the country.

The National Bureau of Statistics, NBS, disclosed this in its latest consumer price index and inflation report released on Wednesday.

The figure showed that Nigeria’s inflation continued to jump since the commencement of President Bola Ahmed Tinubu’s administration in May last year.
The country’s inflation rose in April to 33.69 per cent from 22.41 per cent in May last year.

In January 2024, headline inflation was 29.9 per cent, 31.70 per cent in February, and 33.20 per cent in March.

On a month-on-month basis the country’s inflation rose to by 0.49 per cent.
The Central Bank of Nigeria, CBN, governor, Olayemi Cardoso, recently said the apex bank’s Monetary Policy Committee would do everything to bring down the country’s rising inflation rate.

Cardoso stressed that the MPC will continue to raise interest rates, which stood at 24.75 per cent in March, to bring down inflation.

Meanwhile, the MPC meeting will be held next week, May 20 and 21, 2024.