The National Bureau of Statistics (NBS) released its Consumer Price Index (CPI) report on Wednesday, revealing that Nigeria’s headline inflation rate spiked to 33.69% in April 2024, from 33.20% in March 2024, marking a 0.49% increase.
Year-on-year data showed a significant rise, with April 2024 inflation rate standing 11.47% points higher than in April 2023, which was at 22.22%.
On a month-to-month basis, the inflation rate for April 2024 was 2.29%, lower than the 3.02% recorded in March 2024, indicating a slower rate of price increase in April.
The report highlighted the challenges faced by Nigerians due to the high cost of living, driven by soaring prices of food and basic commodities amidst the economic crisis triggered by government policies such as petrol subsidy removal and forex unification.
The depreciation of the naira against the dollar, from N1,100/$1 to about N1,500/$1, has added to the financial strain on citizens.
In response to the NBS report, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to consider raising the country’s baseline interest rate from the current 24.75%.
This move aims to address the inflationary pressures and stabilize the economy.
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