Nigeria’s inflation increased from 33.20 percent in March to 33.69 percent in April as the nation’s economic problems grew worse.
This was revealed in the most recent consumer price index and inflation data from the National Bureau of Statistics, which was made public on Wednesday.
According to the data, Nigeria’s inflation rate has been steadily rising since President Bola Ahmed Tinubu took office in May of last year.
Inflation in the nation increased from 22.41 percent in May of last year to 33.69 percent in April.
Headline inflation was 29.9% in January 2024, 31.70% in February 2024, and 33.20% in March 2024.
Month over month, the nation’s inflation increased to 0.49 percent.
The governor of the Central Bank of Nigeria, or CBN, Olayemi Cardoso, declared recently that the Monetary Policy Committee of the top bank would do every effort to curb the nation’s escalating rate of inflation.
Cardoso emphasized that in order to reduce inflation, the MPC will keep raising interest rates, which were 24.75% in March.
The MPC meeting is scheduled for May 20 and 21, 2024, which is next week.
