The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate increased to 33.2% in March 2024.
The new figure represents a 1.5% increase from the 32.7% recorded in February 2024.
The NBS data shows that 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 (on a year-on-year basis) increased in 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.
