Nigeria’s Inflation Rate Hits 33.2% in March

Nigeria’s inflation for the month of March 2024 has zoomed to 33.20%, according to report by the National Bureau of Statistics (NBS) on Monday.

This represents an increase of 1.50% from the February inflation rate which stood at 31.70%.

According to the NBS, “In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%.

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.”

On a year-on-year basis, the NBS said 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 (year-on-year basis) increased in the month of 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,” the Bureau stated.

The NBS added that the percentage change in the average CPI for the twelve-month period ending March 2024

over the average of the CPI for the previous twelve-month period was 27.13%, showing a 6.76% increase compared to 20.37% recorded in March 2023.

On Urban Inflation, the bureau said on a year-on-year basis, in the month of March 2024, the inflation rate was 35.18%, saying this was 12.11% points higher compared to the 23.07% recorded in March 2023.

“On a month-on-month basis, the Urban inflation rate was 3.17% in March 2024, this was 0.0001% points marginally and insignificantly lower compared to February 2024 (3.17%).

“The corresponding twelve-month average for the Urban inflation rate was 28.96% in March 2024. This was 7.96%points higher compared to the 21.00% reported in March 2023,” it added.

The bureau stated that the Rural inflation rate in March 2024 was 31.45% on a year-on-year basis; which was 10.37%

higher compared to the 21.09% recorded in March 2023.

“On a month-on-month basis, the Rural inflation rate in March 2024 was 2.87%, down by 0.20% points compared to February 2024 (3.07%).

“The corresponding twelve-month average for the Rural inflation rate in March 2024 was 25.50%. This was 5.71% higher compared to the 19.79% recorded in March 2023,” the bureau said.

April 15, 2024