Nigeria’s inflation rate surged to 33.20% in March 2024, marking a significant increase from the previous month’s headline inflation rate of 31.70%.
This data was revealed in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday.
According to the NBS, the March 2024 headline inflation rate showed a 1.50% point increase compared to February 2024. On a year-on-year basis, the headline inflation rate was notably higher, standing at 11.16% points above the rate recorded in March 2023, which was 22.04%.
Additionally, the month-on-month headline inflation rate in March 2024 was 3.02%, slightly lower than the rate recorded in February 2024 (3.12%). This indicates a slower rate of increase in the average price level compared to the previous month.
The inflation report follows the decision of Nigeria’s Monetary Policy Committee (MPC) to increase the country’s interest rate from 22.75% to 24.75%, a move aimed at addressing economic challenges and stabilizing the national currency.
Despite efforts by the Central Bank of Nigeria (CBN) to strengthen the naira against foreign exchange, reflected in the recent appreciation of the currency against the dollar by over 40%, from about N1,900/$ to about N1,100/$1, the cost of living remains high.
