Nigeria’s economic situation was further strained by high inflation rate of 33.69% recorded in April

In April, Nigeria experienced a surge in inflation, reaching 33.69 percent compared to the previous month’s 33.20 percent.

This increase reflects the worsening economic challenges faced by the country.

The National Bureau of Statistics (NBS) released its consumer price index and inflation report, highlighting this concerning trend.

Notably, inflation has been on the rise since President Bola Ahmed Tinubu assumed office in May of the previous year.

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In comparison to May 2023, when inflation stood at 22.41 percent, April 2024 witnessed a significant jump.

The inflation rates for January, February, and March were 29.9 percent, 31.70 percent, and 33.20 percent, respectively.

Additionally, on a month-on-month basis, inflation rose by 0.49 percent.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, emphasized the commitment of the Monetary Policy Committee (MPC) to address the escalating inflation rate.

Cardoso stated that the MPC would continue to raise interest rates, which were at 24.75 percent in March, in an effort to combat inflation.

Looking ahead, the MPC meeting is scheduled for May 20 and 21, 2024.