In its latest report for the month of April, the Nigerian Bureau of Statistics said the country’s inflation rate has risen to 22.22%, a further increase from last month’s rate of 22.04%.

The NBS stated this in its CPI report released on Saturday, which also noted that food inflation moved from 24.45% in March 2023 to 24.61% in April 2023.

According to the report, in April 2023, the headline inflation rate rose to 22.22% relative to March 2023 headline inflation rate which was 22.04%. The latest rate indicates 0.18% increase compared to the previous month.

“On a year-on-year basis, the headline inflation rate was 6.13 percent points higher compared to the rate recorded in March 2022 which was 15.92 percent,” the data bureau said.” The report said.

“Likewise, on a month-on-month basis, the All-Items Index in April 2023 was 1.91%, which was 0.05% points higher than the rate recorded in March 2023 (1.86%). This means that in April 2023, on average, the general price level was 0.05% higher relative to March 2023.”

The report also showed an increase in urban inflation on a year-to-year basis.

“In April 2023, the urban inflation rate was 23.39%, this was 6.05% points higher compared to the 17.35% recorded in April 2022. On a month-on-month basis, the urban inflation rate was 2.05% in April 2023, this was 0.05% points higher compared to March 2023 (2.00%),” it said.

The percentage change in the average CPI for the twelve months ending April 2023 over the average of the CPI for the previous twelve months was 20.82%, showing a 4.37% increase compared to the 16.45% recorded in April 2022.

On a state level, inflation rate is reported to be higher in some states (on a year-on-year basis) while others have it lower due to varying degrees of the driving forces.

Bayelsa leads the high rate with (26.14%), Kogi (25.57%), and Rivers (24.95%). On the flip side, Borno (19.06%), Taraba (19.64%) and Sokoto (19.90%) recorded the slowest rise in headline inflation on a year-on-year basis.

On a month-on-month basis, however, April 2023 recorded the highest increases in Cross River (3.05%), Bayelsa (2.92%), Rivers (2.62%), while Katsina (0.52%), Jigawa (0.74%) and Osun (0.96%) recorded the slowest rise on.

In terms of food inflation on a year-on-year basis, it was highest in Kogi (29.50%), Kwara (29.48%), and Bayelsa (29.38%), while Sokoto (19.55%), Taraba (20.20%) and Jigawa (20.68%) recorded the slowest rise.

The NBS said the increases were driven by many factors that cut across several sectors of the economy. The highest increases were recorded in prices of gas, air transport, liquid fuel, vehicle spare parts, fuels, and lubricants for personal transport equipment, medical services, and road transport.

“The contributions of items on the divisional level to the increase in the headline index are; food and non-alcoholic beverages (11.51%), housing water, electricity, gas and other fuel (3.72%), clothing and footwear (1.7%), and transport (1.45%),” the agency said.

The latest increase in inflation rates means that the Nigerian people will continue to see an increase in prices of goods and services – particularly food.

The cost of basic food items required for survival by an average Nigerian family rose by 17.5 percent to N48,130 in January 2023 from N40,980 in the same period of last year, according to a 2023 Minimum Wages report.

Picodi.com, an international e-commerce platform, said the N48,130 is 60.4% higher than the country’s monthly minimum net wage of N30,000. This means, at 24.45% food inflation rate, the Nigerian people will spend more on food alone in the coming months.

The latest inflation rates also show that efforts by the Central Bank of Nigeria to mitigate the rise are not paying off. The CBN has increased the Monetary Policy Rate (MPR) from 11.5% to 18% between May last year and March 2023.

Also, between May 2022 and March 2023, interest rates have been increased by 650 basis points to 18% from 11.5%.

Experts believe more is urgently needed to be done to tame the tide as the government appears not ready to increase wages.

“The problem is food supply, it can’t be fixed by monetary policy alone,” Kalu Aja, a financial expert and the author of ‘Let’s Talk About Your Money’ said.

“In the short interim period, allow food imports to come in to dampen prices, until the insecurity & infrastructure issues are fixed.

Elon Musk, the enigmatic entrepreneur known for his affinity for technology and innovation, has once again found himself entangled in the world of cryptocurrencies. This time, the spotlight is on $PEPE, a meme coin that has gained considerable attention, and its ambitious counterpart, HollywoodXPEPE ($HXPE), which recently released a professionally shot YouTube video in the heart of Hollywood. This article explores Musk’s reaction to the growing influence of meme coins and the media frenzy surrounding the captivating $HXPE music video.

https://www.youtube.com/watch?v=8U0oLZmPHLM

Musk’s Love Affair with Memes

Elon Musk’s relationship with memes is well-documented. The Tesla and SpaceX CEO has displayed a keen interest in internet culture and has been a vocal supporter of meme-related projects in the crypto space. Musk’s tweets and endorsements have often caused waves in the market, driving massive attention to various cryptocurrencies. It comes as no surprise that he has now set his sights on the world of meme coins, which have captured the imagination of investors and online communities worldwide.

The Rise of $PEPE and HollywoodXPEPE ($HXPE)

$PEPE, a meme coin inspired by the iconic Pepe the Frog, has experienced a surge in popularity in recent times. As with other meme coins, its appeal lies in its relatability, humorous branding, and the potential for substantial gains. Investors who were quick to recognize its unique charm have reaped significant returns on their investments. The emergence of HollywoodXPEPE ($HXPE), a project that combines the power of memes and the allure of Hollywood, has only added fuel to the fire.

The HollywoodXPEPE Music Video: A Game-Changer

In a move that has grabbed headlines and ignited the crypto community, HollywoodXPEPE recently released a professionally shot music video, showcasing the ambitious fusion of memes and Hollywood glamor. Filmed in the iconic city itself, the video represents a significant milestone for the project and its vision of merging the worlds of entertainment and blockchain technology. The high production value and attention to detail in the video have further solidified HollywoodXPEPE’s status as a rising star in the cryptocurrency universe.

Elon Musk’s Reaction

Elon Musk, often dubbed the “Crypto Messiah,” has been closely monitoring the evolution of meme coins. As an advocate for decentralized technologies, Musk has voiced his support for innovative projects that challenge traditional paradigms. While Musk has not explicitly commented on $PEPE or HollywoodXPEPE, his history of engagement with meme-related endeavors suggests that he is keeping a watchful eye on these developments. Given his influence, a single tweet or mention from Musk could potentially send shockwaves through the market, further propelling the meme coin phenomenon.

The Media Frenzy and Growing Attention

The professionally shot HollywoodXPEPE music video has garnered widespread media attention, thrusting the project into the spotlight. As news outlets and social media platforms amplify the narrative, the broader public is taking notice. This surge in visibility not only brings more investors into the mix but also raises awareness about the possibilities of merging entertainment and blockchain technology. The media frenzy surrounding $HXPE and its connection to Hollywood has fueled speculation and anticipation, creating an environment of excitement and opportunity.

Elon Musk’s fascination with memes and innovative technologies has led him to the world of meme coins. With $PEPE gaining traction and the advent of HollywoodXPEPE’s professionally shot music video, the intersection of memes, Hollywood, and blockchain technology has never been more captivating. As the media attention surrounding $HXPE intensifies, the crypto community eagerly awaits the next move from Musk, whose words and actions have the power to send shockwaves

HollywoodxPEPE | Telegram | Twitter | Discord | YouTube