Nigeria’s Inflation Surges To 33.69% In April Amid Economic Struggles

Nigeria’s inflation climbed to 33.69% in April, up from 33.20% in March, amid growing economic challenges, the National Bureau of Statistics (NBS) has reported.

GWG.ng reports that President Bola Tinubu’s administration has been challenged with inflation since it came to power last May with April’s figure marking an increase from 22.41% in May 2023.

Inflation rates have been steadily climbing: 29.9% in January 2024, 31.70% in February, and 33.20% in March.

Additionally, month-on-month inflation rose by 0.49%. CBN Governor Olayemi Cardoso emphasized the Monetary Policy Committee’s commitment to curbing inflation by raising interest rates, currently at 24.75% as of March.

The upcoming MPC meeting is scheduled for May 20 and 21, 2024, aiming to address the country’s rising inflation.

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