Nigeria’s inflation hits 33.2%, 11.16% higher than a year ago

In March 2024, Nigeria’s inflation surged to 33.2% as reported by the National Bureau of Statistics (NBS) in their latest data on Monday.

This marks a 1.5% increase from the 32.7% recorded in February 2024.

Comparing year-on-year figures, the headline inflation rate in March 2024 was 11.16% points higher than that recorded in March 2023, which stood at 22.04%.

This indicates a notable escalation in the headline inflation rate on a year-on-year basis for March 2024 compared to the corresponding month of the previous year.

Additionally, analyzing month-on-month changes, Nigeria‘s inflation rate for March 2024 was 3.02%, showing a slight decrease of 0.10% from the February 2024 rate of 3.12%.

This suggests that in March 2024, the rate of price level increase was marginally lower than that of February 2024.