Nigeria’s inflation rate surged to 33.2 percent in March 2024, marking a 1.5 percentage point increase from February’s 31.7 percent, as recently reported by the National Bureau of Statistics (NBS).
Food inflation rose by 2.09 percentage points year-on-year, reaching 40.01 percent in March compared to 37.92 percent in February.
On a yearly basis, headline inflation was 11.16 percentage points higher than March 2023, while on a month-on-month basis, it decreased by 0.10 percent.
According to the NBS, factors that contributed to food inflation included price hikes in items such as gari, millet, and palm oil.
Kogi, Kwara, and Akwa Ibom saw the highest year-on-year food inflation rates, while Abia, Cross River, and Bayelsa recorded the highest month-on-month increases.
