Nigeria’s inflation rate surged to a new high of 33.2 percent in March 2024, according to data released by the National Bureau of Statistics (NBS) on Monday. This represents a 1.5 percentage point increase from the 31.7 percent recorded in February 2024.
The rise in inflation is being attributed primarily to increasing food and beverage prices, coupled with rising energy and housing costs. Food inflation, a major concern for Nigerians, reached a worrying 40.01 percent year-on-year increase in March, up from 37.92 percent in February.
The NBS report also highlights a significant year-on-year increase in inflation compared to March 2023. The headline inflation rate in March 2023 was 22.04 percent, which means inflation has accelerated by over 11 percentage points in the last year.
While the month-on-month increase in inflation slowed down slightly in March compared to February, the overall trend remains concerning. Nigerians are facing a tough economic climate. This rapid inflation is putting a strain on households, making it difficult to afford basic necessities.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
