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Nigeria’s Inflation Increases To 33.20% In March

Nigeria’s inflation rate climbed to 33.20% in March 2024, up from 31.70% in February 2024, as reported by the National Bureau of Statistics (NBS). The March 2024 headline inflation rate rose by 1.50% compared to February 2024.

Year-on-year, the headline inflation rate was 11.16%, higher than the 22.04% recorded in March 2023.

This indicates an increase in the March 2024 headline inflation rate compared to the same month in the previous year.

Additionally, the month-on-month headline inflation rate in March 2024 was 3.02%, slightly lower than the 3.12% recorded in February 2024.

This suggests that the rate of price increase in March 2024 was lower than that of February 2024. March 2024 marks the eighth time the inflation rate has risen since President Bola Tinubu’s administration began on May 29, 2023.

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