Nigeria’s Inflation Rate Hits 33.69% Amid Economic Hardship

According to the latest consumer price index and inflation report released by the National Bureau of Statistics (NBS), Nigeria has again experienced a surge in inflation, rising to 33.69 per cent in April from 33.20 per cent in March.

This increase reflects the country’s ongoing economic hardship.

It is crucial to note that inflation has been persistently on the rise since the beginning of President Bola Ahmed Tinubu’s administration in May last year.

In May 2023, inflation stood at 22.41 per cent, and it has steadily increased to 33.69 per cent in April this year.

The trend continued, with inflation rates of 29.9 per cent in January 2024, 31.70 per cent in February, and 33.20 per cent in March.

According to recent statements by the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, the country’s inflation rate increased by 0.49 per cent month over month.

Cardoso emphasized that the apex bank’s Monetary Policy Committee (MPC) is committed to taking necessary measures to reduce rising inflation.

To achieve this, the MPC will persistently raise interest rates to 24.75 per cent in March.

The MPC meeting is scheduled for May 20 and 21, 2024.