Nigeria’s Inflation Rate Hits 33.20% Despite Naira Appreciation

This is according to the CPI report released on Monday by the agency.

The National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) says Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 when it was 31.70%.

This is according to the CPI report released on Monday by the agency.

The report said, “Looking at the movement, 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%.

“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.”

The NBS’s inflation data comes after Nigeria’s Monetary Policy Committee (MPC) raised interest rates from 22.75% to 24.75%.

The inflation in the country continues to grow, even though Naira has gained over 40% from about N1,900/$ some months ago to about N1,100/$1.