- This is the eighth time the inflation rate is rising since the commencement of President Bola Tinubu’s administration on May 29, 2023
Nigeria’s inflation rate rose by 1.50 per cent in March, the National Bureau of Statistics, NBS, disclosed on Monday.
The inflation rate rose to 33.20 per cent in March 2024 from 31.70 per cent in February 2024.
According to the NBS March Consumer Price Index and Inflation report, the March 2024 headline inflation rate went up by 1.50 per cent compared to the February 2024 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 11.16 per cent, higher than the 22.04 per cent recorded in March 2023.
This shows that the headline inflation rate (year-on-year basis) increased in March 2024 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 per cent, which was 0.10 per cent lower than the rate recorded in February 2024 (3.12 per cent).
The implication 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.
This is the eighth time the inflation rate is rising since the commencement of President Bola Tinubu’s administration on May 29, 2023.
Recall that the president Tinubu at a recent gathering said Nigeria’s economy is showing signs of progress but the government is struggling to keep inflation in check.