ABUJA (Reuters) -Nigeria’s headline consumer inflation rose to 33.69% year on year in April, up from 33.20% in March, its bureau of statistics said on Wednesday.
Inflation is at its highest in almost three decades in Africa’s most populous nation, spurred by reforms implemented by President Bola Tinubu in his first year in charge, chiefly slashing petrol and electricity subsidies and twice devaluing the naira currency.
The central bank has raised interest rates twice this year, including its largest hike in around 17 years, and Governor Olayemi Cardoso has indicated that rates will stay high for as long as necessary to bring down inflation.
The Central Bank of Nigeria is scheduled to hold another rate-setting meeting next week.
(Reporting by Elisha Bala-GbogboEditing by Alexander Winning)
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