Nigeria's Inflation Rate Hits 33.69% amidst Economic Struggles

The recent consumer price index and inflation report from the National Bureau of Statistics (NBS) indicate a further increase in inflation in Nigeria, climbing to 33.69 percent in April from 33.20 percent in March.

This surge underscores the persistent economic challenges facing the country.

The data underscores a concerning trend of persistent inflation since the inception of President Bola Ahmed Tinubu’s administration in May last year. From a rate of 22.41 percent in May 2023, inflation has steadily risen to 33.69 percent in April this year.

This upward trajectory continued with rates of 29.9 percent in January 2024, 31.70 percent in February, and 33.20 percent in March.

Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) highlighted that the country’s inflation rate rose by 0.49 percent month over month. He emphasized the commitment of the apex bank’s Monetary Policy Committee (MPC) to implementing measures aimed at curbing the escalation of inflation. Notably, the MPC has raised interest rates persistently, reaching 24.75 percent in March.

The upcoming MPC meeting scheduled for May 20 and 21, 2024, indicates a concerted effort to address the challenges posed by inflation and steer the economy towards stability.