Nigeria’s inflation rate hits 33.2% in March

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Nigeria recorded a headline inflation rate of 33.2 percent in March 2024. According to the National Bureau of Statistics (NBS) Consumer Price Indices report for March 2024, there was a 1.5 percentage points year-on-year (YoY) increase from 31.7 percent recorded in February 2024.

The bureau reported that food inflation in March increased by 2.09 percentage points YoY to 40.01 percent from 37.92 percent in February.In March 2024, the headline inflation rate surged to 33.2 percent relative to the February 2024 rate of 31.7 percent. Observing the trend, the March 2024 headline inflation rate demonstrated a 1.5 percentage point increase compared to the February 2024 rate.

Compared to the rate recorded in March 2023, which was 22.04 percent, the headline inflation rate increased by 11.16 percentage points on a YoY basis.

This indicates that the year-on-year headline inflation rate rose in March 2024 compared to March 2023.

On a month-on-month basis, the headline inflation rate in March 2024 stood at 3.02 percent, marking a 0.10 percent decline from the rate recorded in February 2024 (3.12 percent).

The bureau reported that the food inflation rate in March 2024 stood at 40.01 percent on a year-on-year basis, showing a 15.56 percentage points rise from the rate registered in March 2023 (24.45 percent).

NBS reported that as of March 2024, the highest food inflation on a YoY basis was registered in Kogi (48.46 percent), Kwara (46.18 percent), and Akwa Ibom (45.18 percent), with Nasarawa (33.76 percent), Borno (34.28 percent), and Bauchi (34.38 percent) showing the slowest increase in food inflation on a YoY basis.

It added that On a Month-on-Month basis, the highest Food inflation in March 2024 was in Abia (5.17 percent), Cross River (5.14 percent), and Bayelsa (4.75 percent), while Borno (1.59 percent), Yobe (2.08 percent), and Adamawa (2.12 percent) had the slowest rise in Food inflation.

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