NBS Reports Inflation Rate Peaked 33.20 Percent In March

ACCORDING to the National Bureau of Statistics (NBS), Nigeria's headline inflation rate in February 2024 was 31.70 percent; however, in March 2024, it increased to 33.20 percent.

This was disclosed by the NBS in its Consumer Price Index (CPI) report, which was made public on Monday, April 15.

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50 percent points when compared to the February 2024 headline inflation rate,” said the NBS.

“On a year-on-year basis, the headline inflation rate was 11.16 percent points higher compared to the rate recorded in March 2023, which was 22.04 percent.

“On a month-on-month basis, the headline inflation rate in March 2024 was 3.02 percent, which was 0.10 percent lower than the rate recorded in February 2024 (3.12 percent). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”

The CBN's efforts to fortify the naira against foreign exchange have yielded some positive results, as evidenced by the naira's recent appreciation against the dollar, which has increased by over 40% from roughly N1,900 to the dollar to roughly N1,100 to the dollar it currently sells. This coincides with the release of the March inflation rate.

Nigerians anticipate a large drop in the cost of food and other necessities when the naira appreciates, but this hasn't happened because living expenses are still high.