In March 2024, Nigeria’s inflation rate surged to 33.20% from 31.70% in February of the same year, as reported by the National Bureau of Statistics.
The increase of 1.50% in headline inflation rate from February to March indicates a year-on-year increase to 11.16% from 22.04% in March 2023.
This signifies a growth in inflation rate for March 2024 compared to the previous year.
Additionally, the month-on-month inflation rate for March 2024 was recorded at 3.02%, slightly lower than the 3.12% rate in February 2024.
This suggests a slower increase in average prices for March 2024 compared to the previous month.
This is the eighth time the inflation rate is rising since the commencement of President Bola Tinubu’s administration on May 29, 2023.
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