Nigerians are facing a new economic challenge as inflation reaches a record high of 33.69 percent, according to data released by the National Bureau of Statistics (NBS) on Wednesday. This marks a jump from 33.20 percent in March, highlighting a persistent upward trend.
The burden falls heaviest on essential items, with food prices skyrocketing and non-alcoholic beverages also experiencing significant inflation. The NBS report says food inflation spiked to 40.53 percent in April, compared to the 24.61 percent reported in April 2023, an increase of 15.92 percent points.
This surge in food costs is likely putting a major strain on household budgets, as Nigerians struggle to afford basic necessities. Year-on-year, the situation is even more concerning. Inflation in April 2024 sits at a staggering 11.47 percentage points higher compared to April 2023.
A glimmer of hope emerges from the month-to-month data. While inflation continues to rise, the pace has slowed. April’s increased-inflation rate of 2.29 percent represents a 0.73 percent decrease from March’s 3.02 percent.
Nigerians are likely to feel the squeeze, with everyday necessities becoming less affordable. This could lead to a decrease in buying power and hinder economic activity.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
