Fresh reports emerged Wednesday, indicating a shocking spike in Nigeria’s inflation rate.
The nation’s inflation, amid worsening economic hardship in the country, surged to 33.69 per cent in April from 33.20 per cent in March.
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 by 0.49 per cent.
Olayemi Cardoso, Central Bank of Nigeria (CBN), governor, 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 would 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.
