Economists at Financial Derivatives are projecting that headline inflation will spike to 13.2% in April, 0.4% higher than that of March.
This will be the fourth consecutive monthly increase in inflation rate this year. The lingering fuel scarcity was debilitating to the economy and pressurised consumer prices in April.
This significant increase in inflation puts the Monetary Policy Committee in a tight corner at a period when it was barely recovering from the spike in March.
The MPC has to contemplate on the effectiveness of using interest rates to contain inflation at a time of slowing economic growth.