The National Bureau of Statistics, NBS, has disclosed that Nigeria’s headline inflation rate increased to 33.20 per cent in March 2024, up from 31.70 per cent in February 2024.
This represents a month-over-month increase of 1.50 per cent points in the headline inflation rate, according to recently released data by the NBS.
Year-over-year data shows a significant 11.16 per cent point rise in the headline inflation rate from March 2023, which was at 22.04 per cent.
This indicates a significant increase in the headline inflation rate for March 2024 compared to the same month in the previous year.
In addition, the month-on-month headline inflation rate for March 2024 was 3.02 per cent, which is 0.10 per cent lower than the rate recorded in February 2024.
This suggests that the pace of the average price level increase in March 2024 was slower than the preceding month.
For the year ending in March 2024, the average Consumer Price Index increased by 27.13 per cent compared to the previous year, which was a rise of 6.76 per cent from the 20.37 per cent increase observed in March 2023.
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