Nigeria’s inflation rate has risen to 33.69% in April, a significant increase from 33.20% in March, according to the National Bureau of Statistics (NBS).
This surge in inflation has been attributed to the worsening economic hardship in the country, which has been ongoing since the commencement of President Bola Ahmed Tinubu’s administration in May last year.
Key Statistics:
– Inflation rate rose to 33.69% in April from 22.41% in May last year
– Headline inflation was 29.9% in January, 31.70% in February, and 33.20% in March
– Month-on-month inflation rose by 0.49%
– Urban inflation rate rose to 36% in April, while rural inflation rate was 31.64%
– Food inflation rose to 40.53% in April, with a 15.92% increase from last year
Causes of Inflation:
The NBS reported that the top contributors to the increase in inflation rate are:
– Food and non-alcoholic beverages
– Housing, water, electricity, gas, and other fuels
– Clothing and footwear
– Transport
– Furnishings, household equipment, and maintenance
Measures to Control Inflation:
The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, has stated that the Monetary Policy Committee (MPC) will do everything to bring down the country’s rising inflation rate. To achieve this, the MPC will continue to raise interest rates, which stood at 24.75% in March, to bring down inflation. The next MPC meeting is scheduled for May 20 and 21, 2024.
Impact on Nigerians:
The rising inflation rate has resulted in increased prices of essential commodities, making it difficult for citizens to afford basic necessities.
The economic hardship has been worsened by the surge in food inflation, which has risen to 40.53% in April. This has resulted in a decline in the purchasing power of Nigerians leading to a decrease in standard of living.