Inflation rate in Nigeria hits 33.69% in April as economic situation worsens

April saw Nigeria’s inflation rate climbing to 33.69%, up from 33.20% in March, reflecting a deepening economic crisis in the nation.

The latest consumer price index and inflation report released by the National Bureau of Statistics (NBS) revealed these figures.

The data indicates a continuous upward trend in inflation since President Bola Ahmed Tinubu took office in May of the previous year.

In comparison, the inflation rate in Nigeria stood at 22.41% in May last year, showing a sharp increase to 33.69% in April.

Prior to this, headline inflation rates were recorded at 29.9% in January 2024, 31.70% in February, and 33.20% in March.

Month-on-month, the inflation rate rose by 0.49%.

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), recently affirmed the commitment of the Monetary Policy Committee (MPC) to curbing the rising inflation rates in the country.

Cardoso emphasized that the MPC would persist in raising interest rates, which stood at 24.75% in March, as a measure to control inflation.

Furthermore, the MPC is scheduled to convene for a meeting next week on May 20 and 21, 2024.

The post Inflation rate in Nigeria hits 33.69% in April as economic situation worsens appeared first on NewsNow Nigeria.

Leave a Reply