Breaking! Nigeria’s Inflation Rate Increases To 33.20% In March 2024-NBS

Nigeria’s inflation rate increased to 33.20% for the month of March 2024, the latest data from the National Bureau of Statistics (NBS) has shown.

This represents a 1.5% increase from the 32.70% recorded in February 2024.

The report released on Monday in Abuja reads, “In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%. Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.

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On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.

It would be recalled that Nigeria has been battling rising inflation in recent times with experts and analysts predicting further increase in the inflation rate before moderating.