Connect with us


News

Breaking: Nigeria’s inflation rate rises to 33.69% in April amid worsening hardship

Published

on

Nigeria’s inflation surged to 33.69 per cent in April from 33.20 per cent in March, amid worsening economic hardship in the country.

The National Bureau of Statistics, NBS, disclosed this in its latest consumer price index and inflation report released on Wednesday.

Advertisement

The figure showed that Nigeria’s inflation continued to jump since the commencement of President Bola Ahmed Tinubu’s administration in May last year.

The country’s inflation rose in April to 33.69 per cent from 22.41 per cent in May last year.

Advertisement

In January 2024, headline inflation was 29.9 per cent, 31.70 per cent in February, and 33.20 per cent in March.

READ ALSO:   AFCON Qualifiers: Why Eagles Will Travel By Boat To Cotonou-Rohr

On a month-on-month basis the country’s inflation rose to by 0.49 per cent.

Advertisement

The Central Bank of Nigeria, CBN, governor, Olayemi Cardoso, recently said the apex bank’s Monetary Policy Committee would do everything to bring down the country’s rising inflation rate.

Cardoso stressed that the MPC will continue to raise interest rates, which stood at 24.75 per cent in March, to bring down inflation.

Advertisement

Meanwhile, the MPC meeting will be held next week, May 20 and 21, 2024.

Advertisement
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *







Also Read...