The National Bureau of Statistics (NBS) has revealed that for the month of March 2024, Nigeria experienced a surge in inflation, with the rate reaching 33.2%, up by 1.5 percentage points from February 2024.
The increase, though slower than the previous month’s, was mainly driven by higher costs in food, beverages, energy, and housing.
Year-on-year, the headline inflation rate rose by 11.16% from March 2023, reaching 3.02% in March 2024, down slightly from February 2024.
Food inflation skyrocketed to 40.01% year-on-year in March 2024, largely due to increased prices of staple foods like garri, millet, and yams.
However, on a monthly basis, food inflation showed a slight decline.
Urban inflation hit 35.18% year-on-year, while rural inflation reached 31.45%, both indicating significant increases from the previous year.
Core inflation, excluding volatile agricultural products and energy, stood at 25.90% year-on-year, with a noticeable uptick in the month-on-month rate.
Overall, the average annual inflation rate for the twelve months ending in March 2024 was notably higher compared to the previous year, reflecting the ongoing economic challenges faced by Nigeria.
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