Nigeria’s inflation rate surged to 33.69% in April, marking a notable increase from 33.20% recorded in March, according to the latest report from the National Bureau of Statistics (NBS) released on Wednesday.
This continuous rise in inflation reflects the worsening economic conditions in the country, with implications for the cost of living and overall economic stability.
The figures reveal a concerning trend, indicating that inflation has been on the rise since President Bola Ahmed Tinubu assumed office in May last year. In April alone, inflation rose sharply from 22.41% recorded in May 2023, highlighting the persistent challenges facing the economy.
The inflation trajectory has been steadily upward in recent months, with rates standing at 29.9% in January 2024, 31.70% in February, and 33.20% in March, underscoring the severity of the situation.
On a month-on-month basis, Nigeria’s inflation increased by 0.49%, further exacerbating the economic strain on citizens.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emphasized the commitment of the Monetary Policy Committee (MPC) to address the rising inflationary pressures. Cardoso stated that the MPC would take decisive measures to mitigate inflation, including the possibility of raising interest rates, which stood at 24.75% in March.
The upcoming MPC meeting scheduled for May 20 and 21, 2024, will be closely watched as stakeholders anticipate policy interventions aimed at stabilizing the economy and curbing inflationary trends.
As Nigeria grapples with the challenges of high inflation and economic hardship, there is growing concern among citizens and policymakers about the urgent need for effective measures to address these issues and restore economic stability.