Nigeria’s Inflation Rate Climbs To 33.20% In March 2024: NBS

The National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate surged to 33.20 percent in March 2024, up from 31.70 percent in February 2024.

This marks a 1.50 percentage point increase in the headline inflation rate on a month-over-month basis, as per recently released NBS data.

Year-over-year data indicates a substantial 11.16 percentage point rise in the headline inflation rate from March 2023, which stood at 22.04 percent, indicating a notable increase compared to the same period in the previous year.

Moreover, the month-on-month headline inflation rate for March 2024 was 3.02 percent, which is marginally lower by 0.10 percent compared to the rate recorded in February 2024. This suggests a slower pace of the average price level increase in March 2024 compared to the preceding month.

The average Consumer Price Index for the year ending in March 2024 escalated by 27.13 percent compared to the previous year, reflecting a rise of 6.76 percent from the 20.37 percent increase observed in March 2023.

Urban inflation soared to 35.18 percent in March 2024, marking a substantial 12.11 percentage point increase from March 2023. On a month-to-month basis, urban inflation slightly declined to 3.17 percent in March 2024, down by 0.0001 percentage points from February 2024.

Conversely, rural inflation surged to 31.45 percent in March 2024, indicating a 10.37 percentage point increase from March 2023. On a month-to-month basis, rural inflation decreased to 2.87 percent in March 2024, reflecting a 0.20 percentage point drop from February 2024.

Food inflation reached 40.01 percent in March 2024, which was 15.56 percentage points higher than March 2023. The NBS attributed this increase to price hikes in various food items such as Garri, Millet, Yam, Dried Fish, Palm Oil, and others. On a month-to-month basis, food inflation declined to 3.62 percent in March 2024, indicating a decrease from February 2024.

Core inflation, excluding volatile agricultural products and energy prices, rose to 25.90 percent on an annual basis in March 2024, representing a significant increase from March 2023. Notable price hikes were observed in various sectors including urban bus fares, housing rentals, and medical consultation fees.

Overall, the NBS emphasized the influence of varying consumption patterns across different states and localities on the Consumer Price Index, highlighting the dynamic nature of inflation trends.

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