Nigeria’s inflation rate increased to 33.2% for the month of March 2024, according to the latest data from the National Bureau of Statistics (NBS).
In March 2024, the headline inflation rate increased to 33.20%, compared to the headline inflation rate in February 2024, which was 31.70%.
Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.
The headline inflation rate was 11.16% points higher on a year-over-year basis than the rate of 22.04% in March 2023.
This shows that the headline inflation rate (on a 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, the headline inflation rate in March 2024 was 3.02%, 0.10% less than the rate 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.
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