Nigeria has experienced 15 consecutive months of rising inflation, with the rate reaching 33.69% in April, according to the latest consumer price index report from the National Bureau of Statistics (NBS) released on Wednesday. This represents a 0.49% increase from the March inflation rate of 33.2%.

On a month-on-month basis, April 2024's headline inflation rate was 2.29%, 0.73% lower than the 3.02% recorded in March 2024. This indicates that the rate of increase in the average price level in April was slower than in March.

The food inflation rate in April 2024 soared to 40.53% year-on-year, a significant rise of 15.92 percentage points compared to April 2023's rate of 24.61%.

Several factors are driving this persistent inflation, including the high cost of transportation, which saw a 79.17% increase in March. Insecurity, particularly in the northern regions, has prevented farmers from accessing their fields, leading to food shortages.

Additionally, high energy costs due to increased fuel and diesel prices, an unreliable power supply forcing manufacturers to depend more on diesel, multiple taxation as the government seeks to boost revenue, and a high exchange rate have all contributed to the inflationary pressures.

The continuous rise in the prices of household items has subjected Nigerians to severe hardship, exacerbating the economic challenges faced by many in the country.