Nigeria's inflation hits 28-year high in April

In a seismic surge, Nigeria's headline consumer inflation skyrocketed to a staggering 33.69% year-on-year in April, marking a distressing 28-year high. This alarming spike, revealed by statistics agency data on Wednesday, painted a grim economic picture for Africa's most populous nation.

The inflationary whirlwind has been fueled by a series of bold measures from President Bola Tinubu's administration. Slashing petrol and electricity subsidies, along with the devaluation of the local naira currency not once, but twice, have added fuel to the fire of inflationary pressures.

In a desperate bid to rein in the soaring prices, the central bank has resorted to drastic measures. With two interest rate hikes already implemented this year, including the most significant uptick in nearly two decades, the bank finds itself locked in a fierce battle against inflation.

The central bank governor has issued a stern warning that high interest rates will persist for as long as necessary to wrestle inflation under control. With another crucial rate-setting meeting looming on the horizon next week, the nation braces itself for further economic turbulence.

A sobering report from the National Bureau of Statistics underscores the severity of the crisis. The relentless march of inflation is spearheaded by the food and non-alcoholic beverages category, which continued its relentless ascent in April. Food inflation, representing the lion's share of the inflation basket, surged to a chilling 40.53% in annual terms, amplifying the hardship faced by ordinary Nigerians.