The National Bureau of Statistics (NBS) has reported a rise in Nigeria’s headline inflation rate to 33.20% in March 2024, marking an increase from 31.70% in February 2024.
This represents a month-over-month uptick of 1.50 percentage points.
Yearly comparisons reveal a substantial increase in the headline inflation rate, rising by 11.16 percentage points from March 2023’s 22.04%.
Additionally, the month-on-month inflation rate for March 2024 stood at 3.02%, slightly lower than February’s 3.12%.
For the year ending in March 2024, the average Consumer Price Index surged by 27.13%, marking a 6.76% rise from March 2023’s 20.37%.
Related News: Nigeria’s Inflation Rate Hits 31.70 Percent in February 2024, NBS Reports
Urban inflation in March 2024 reached 35.18%, up by 12.11% from March 2023’s 23.07%.
Meanwhile, rural inflation was at 31.45%, an increase of 10.37% from March 2023’s 21.09%.
Food inflation was notably high at 40.01% in March 2024, driven by price increases in various food items.
However, month-to-month food inflation decreased to 3.62%, influenced by reduced price growth rates for specific food items.
The annual core inflation rate, which excludes volatile agricultural products and energy prices, was 25.90% in March 2024, up from 19.63% in March 2023.
Notable price increases were observed in urban bus fares, housing rentals, medical consultation fees, and pharmaceuticals.
The NBS emphasized that consumption patterns across different states and localities influence the Consumer Price Index, highlighting the diverse economic landscape across Nigeria.
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