The National Bureau of Statistics (NBS) has recently disclosed that Nigeria is witnessing an inflationary spike, with the rate escalating to 33.69% in April, up from 33.20% in March.
This surge mirrors the persistent economic difficulties the country is facing.
It’s important to highlight that since President Bola Ahmed Tinubu assumed office in May last year, inflation has been on a consistent upward trajectory. In May 2023, the inflation rate was 22.41%, and it has risen steadily to 33.69% in April this year.
The upward trend persisted into 2024, with inflation rates of 29.9% in January, 31.70% in February, and 33.20% in March.
As per recent remarks by Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), the nation’s inflation rate has seen a month-over-month increase of 0.49%.
Cardoso underscored the commitment of the apex bank’s Monetary Policy Committee (MPC) to implement necessary strategies to curb the escalating inflation. To this end, the MPC has been consistently increasing interest rates, reaching 24.75% in March.
The next MPC meeting is slated for May 20 and 21, 2024.
