According to the National Bureau of Statistics – NBS, Nigeria’s inflation rate rose to 33.20% in March 2024 from 31.70% in February 2024.
The current inflation rate was stated in the released Consumer Price Index and Inflation report for March 2024.
The March 2024 headline inflation rate increased by 1.50% compared to the February 2024 headline inflation rate.
Compared to last year, the headline inflation rate was 11.16%, higher than the 22.04% recorded in March 2023.
This shows that the headline inflation rate (year-on-year basis) increased in March 2024 compared to the same month in the preceding year (i.e., March 2023).
Also, 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%).
The implication means that the rate of growth in the average price level in March 2024 is less than the rate of increase in the average price level in February 2024.
The key driver of inflation in March 2024 is Food items with 40.01% average price increase. While food remains an essential need for all Nigerians, the increasing prices remains a major concern for key economic watchers as average Nigerians continue to look for alternatives.
