Nigeria’s inflation rate rises to 33.2%
Nigeria’s inflation rate has risen to 33.2% in the month of March 2024 compared to February 2024 inflation rate which was 31.70%.
This was disclosed in the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released today.
It said “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,”.
“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%.
“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.”
However, inflation continues to increase even though naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now.
As the naira rebounds, Nigerians expect significant reduction in the prices of food and basic commodities but this hasn’t been the case with cost of living still high.
Dolupo Balogun
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