BREAKING: NIGERIA’S INFLATION JUMPS TO 33.2%

Babatunji Wusu –

Nigeria’s inflation rate has risen to 33.2% for March 2024, according to the National Bureau of Statistics’ (NBS) most recent figures issued on Monday.
The current statistic is a 1.5% increase above the 32.7% reported in February 2024.

According to NBS data, the headline inflation rate was 11.16% higher year on year than it was in March 2023 (22.04%). This indicates that the headline inflation rate (year-on-year) increased in March 2024 as compared to the same month the previous year (March 2023).

Furthermore, on a monthly basis, the headline inflation rate in March 2024 was 3.02%, 0.10% lower than the rate in February 2024 (3.12%). This suggests that the average price level will climb at a slower rate in March 2024 than it did in February 2024.