Nigeria's inflation rate surges to 33.69% in April, up from 33.20% in March, exacerbating economic hardship as the cost of living soars.
Nigeria's economic woes have deepened as the country's inflation rate surged to a staggering 33.69% in April, up from 33.20% in March, according to the latest figures released by the National Bureau of Statistics (NBS). This alarming rise in the cost of living has further exacerbated the economic hardship faced by millions of Nigerians, raising concerns about the government's ability to rein in soaring prices and alleviate the burden on households.
The report revealed a significant jump in Nigeria's inflation rate since President Bola Ahmed Tinubu's administration took office in May last year, with the figure rising from 22.41% in May 2023. On a month-on-month basis, the country's inflation rose by 0.49% in April.
In response to the mounting inflationary pressures, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has indicated that the Monetary Policy Committee (MPC) will take decisive action to bring down the rising inflation rate. Cardoso stressed that the MPC will continue to raise interest rates, which stood at 24.75% in March, as a measure to curb inflation.
The MPC is set to hold its next meeting next week, on May 20 and 21, 2024, where further steps to address the inflation crisis are expected to be discussed.
