BREAKING: IN THE MIDST OF ECONOMIC HARDSHIP, NIGERIA’S INFLATION RATE REACHES 33.69%.

Babatunji Wusu –

Nigeria’s inflation rate increased to 33.69 percent in April from 33.20 percent in March, according to the National Bureau of Statistics’ (NBS) most recent consumer price index and inflation report.

This growth is indicative of the continued economic difficulty in the nation.

It is important to remember that since President Bola Ahmed Tinubu took office in May of last year, inflation has been steadily rising.

Inflation was 22.41 percent in May 2023 and grew rapidly to 33.69 percent in April of this year.

With inflation rates of 29.9% in January 2024, 31.70% in February, and 33.20% in March, the pattern persisted.

Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), recently stated that the inflation rate in the nation grew by 0.49 percent on a monthly basis.

Cardoso stressed that the Monetary Policy Committee (MPC) of the central bank is dedicated to implementing the required steps to curb the rate of inflation from growing.

The MPC will steadily hike interest rates to 24.75 percent in March in order to accomplish this.

The dates of the MPC meeting are set for May 20 and 21, 2024.