- By Halimah Olamide
The National Bureau of Statistics, has revealed in its latest report that Nigeria’s inflation rate has gone up by 33.20% for the month of March.
Compared to the February 2023 inflation rate of 31.70%, the March movements recorded an increase by 1.50%
“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.”
According to the report, 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 therefore reflects 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 indicates 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.