Nigeria’s Inflation Climbs to 33.69% During Food Price Surge and Naira Devaluation

• Inflation rate rises for the 17th consecutive month, driven by food inflation and currency devaluation.
• Central Bank to consider further rate hikes as inflation hits three-decade high.

Nigeria’s annual inflation rate surged to 33.69% in April, marking the 17th consecutive month of rising prices due to persistent pressures from food inflation and the devaluation of the naira, according to data released Wednesday by the National Bureau of Statistics. The inflation rate increased by 2.29% month-on-month from March, a slight deceleration compared to the 3.03% rise recorded between February and March.