Nigeria’s inflation rate soars to 33.69% in April as hardship worsens

Nigeria’s inflation rose to 33.69 per cent in April from 33.20 per cent in March.

The surge in inflation rate is poised to exacerbate crippling cost of living crisis and worsening economic hardship in the country.

The latest inflation figure and macroeconomic outlook of the country are contained in the latest consumer price index and inflation report released by the National Bureau of Statistics, NBS, on Wednesday.

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According to the report, inflation in Nigeria has continued its upward trend since President Bola Tinubu assumed office 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 to by 0.49 per cent.

The Central Bank of Nigeria, CBN, governor, Olayemi Cardoso, recently said the apex bank will retain high interest rate to tackle galloping inflation.

He added that the Monetary Policy Committee, which he chairs, would do everything to bring down the country’s rising inflation rate.

Cardoso stressed that the MPC will 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

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