In April 2024, Nigeria witnessed a surge in its inflation rate, soaring to 33.69% from March’s 33.20%, as per the latest data unveiled by the National Bureau of Statistics (NBS). This escalation, highlighted in the NBS’s Consumer Price Index (CPI) report on Wednesday, illuminates a challenging economic landscape for Nigerians.

Delving into the specifics, the NBS report highlights a notable 0.49% point surge in the April 2024 headline inflation rate compared to March 2024. On a year-on-year basis, the inflation rate soared by 11.47% points from April 2023, escalating concerns further.

The inflation surge coincides with skyrocketing prices of food and essential goods, intensifying the strain on Nigerians grappling with a challenging economic environment. The ongoing government policies, including petrol subsidy removal and forex window unification, have compounded the situation, leading to an unprecedented increase in prices.

Additionally, the exchange rate has been volatile, with the naira depreciating significantly from about N1,100/$1 to approximately N1,500/$1, exacerbating inflationary pressures.

The report reads in part: “On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%). This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of in crease in the average price level in March 2024.”

These developments set the stage for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to consider revising the country’s interest rate from the current 24.75%. As Nigerians brace for economic turbulence, the impact of these policy decisions remains a focal point for stakeholders and the populace at large.

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