BREAKING: March 2024 Sees Nigeria’s Inflation Rate Rise to 33.20%

Nigeria’s inflation rate increased to 33.20% in March 2024 from 31.70% in February 2024, according to the National Bureau of Statistics (NBS) March Consumer Price Index and Inflation report.

The March 2024 headline inflation rate rose by 1.50% compared to February 2024.

Year-on-year, the headline inflation rate was 11.16%, higher than the 22.04% recorded in March 2023, indicating an increase compared to the same month the previous year.

Additionally, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than February 2024 (3.12%).

This data suggests that in March 2024, the rate of increase in the average price level was less than that of February 2024.

This marks the eighth time the inflation rate has risen since President Bola Tinubu’s administration commenced on May 29, 2023.