Nigeria’s Bureau of Statistics (NBS) has announced that the country’s headline inflation rate in March increased to 33.20% as against 31.70% recorded in February 2024.
According to the monthly report of the Consumer Price Index (CPI) that measures inflation and released on Monday in Abuja by the NBS, the March 2024 headline inflation rate represented an increase of 1.50% points when compared to the February 2024 headline inflation rate.
It added that on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%.
The report also said that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).
“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,” it said.
GIK/APA