The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate increased to 33.20% in March 2024, compared to 31.70% in February 2024, marking a 1.50% point increase. This surge in inflation reflects a challenging economic environment for the country.
On a year-on-year basis, the inflation rate in March 2024 was 11.16% points higher than in March 2023, indicating a significant escalation over the past year. Moreover, on a month-on-month basis, the inflation rate in March 2024 was 3.02%, slightly lower than the 3.12% recorded in February 2024.
The NBS further detailed that the percentage change in the average Consumer Price Index (CPI) for the twelve-month period ending March 2024, compared to the previous twelve-month period, was 27.13%, representing a substantial increase from the 20.37% recorded in March 2023.
Urban inflation, which stood at 35.18% in March 2024 on a year-on-year basis, saw a notable surge compared to the 23.07% recorded in March 2023. Similarly, rural inflation increased to 31.45% in March 2024, marking a 10.37% rise from March 2023.
While the month-on-month urban inflation rate remained stable at 3.17% in March 2024, rural inflation slightly decreased to 2.87% compared to 3.07% in February 2024. However, the corresponding twelve-month average for both urban and rural inflation rates showed significant increases compared to the previous year, indicating a sustained upward trend in prices across both urban and rural areas.
These inflation figures underscore the economic challenges facing Nigeria, highlighting the urgent need for policy interventions to address the underlying factors driving inflation and mitigate its adverse effects on the populace.