The National Bureau of Statistics NBS says Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%.
A report released by the NBS on Monday, April 15, reads
“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 inflation report by the NBS followed the hike of Nigeria’s interest rate from 22.75% to 24.75% by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The March inflation rate was released at a time when measures by the apex bank to strenghten the naira against foreign exchange have seen some positive results. The naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now.
As the naira rebounds, Nigerians expect significant reduction in the prices of food and basic commodities but this hasn’t been the case with cost of living still high.
Related: Billie Eilish loses more Instagram followers since ‘coming out’ as Lesbian
Last updated: Just Now
See All Latest Nigerian Music Right Now!!!
Share On:
Top 10 Hottest Songs
Nigerian / African Music Champz – Shut The Block Down
Nigerian / African Music Balloranking – Melanin ft. Oxlade
Nigerian / African Music Portable – Lambo Black
Nigerian / African Music Falz – Omoge
Nigerian / African Music Asake – Worship ft. DJ Snake
Nigerian / African Music CDQ – KAWASAKI ft. Reekado Banks
Nigerian / African Music Islambo – Chillin Chillin
Nigerian / African Music Spinall – Island Brass
Nigerian / African Music Spinall – Metric Rules
Nigerian / African Music Spinall – Impromptu Bend