Nigeria’s inflation rate has surged to 33.20% in March 2024, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
NBS on Monday said that the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.
“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%,” NBS said.
“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.”
This news comes amidst recent efforts by the Central Bank of Nigeria (CBN) to curb inflation.
The Monetary Policy Committee (MPC) hiked interest rates from 22.75% to 24.75% earlier this year.
