In April, Nigeria witnessed a significant surge in inflation, reaching 33.

The latest consumer price index and inflation report by the National Bureau of Statistics revealed these concerning figures. Since President Bola Ahmed Tinubu's administration began in May last year, inflation has been steadily increasing, with April's rate marking a sharp rise from 22.41% in May 2023. The trend continued with 29.9% in January 2024, 31.70% in February, and 33.20% in March.

On a month-to-month basis, Nigeria saw a 0.49% increase in inflation. The Central Bank of Nigeria, under Governor Olayemi Cardoso, has pledged to take decisive action to combat this alarming inflationary trend. Cardoso emphasized the Monetary Policy Committee's commitment to raising interest rates, which currently stand at 24.75% as of March, in order to mitigate inflationary pressures.

Looking ahead, the MPC is scheduled to convene for its next meeting on May 20 and 21, 2024. This underscores the urgency and importance of addressing Nigeria's rising inflation, which poses significant challenges to the country's economic stability and welfare.