The National Bureau of Statistics (NBS) today said Nigeria’s inflation rate increased from 31.70% in February 2024 to 33.20% in March 2024.
The Bureau stated that Consumer Price Index (CPI) and inflation headlines rose by 1.50% point compared to the previous month.
“In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate 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.”
NBS further noted that 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%).
The Bureau explained this means that in 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.
