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In April, Nigeria’s inflation crisis rose to 22.2% from 22.04%. This has become one of the problems plaguing Africa’s biggest economy, eroding savings and incomes and causing the CBN to increase interest rates exorbitantly.
A report was received from the bureau stating that the rise in food inflation on a year-to-year basis was caused by sudden increases in the price of bread, cereals, fruits, meats, vegetables, and more.
The Central Bank is due to set interest rates next week after hiking the rates in March by 50 basis points to 18%, citing price pressure and a weakening naira currency.
