Breaking: Nigeria’s inflation rises to 33.2%, says NBS

Breaking: Nigeria’s inflation rises to 33.2%, says NBS

The National Bureau of Statistics (NBS) says the nation’s inflation rate rose to 33.2 per cent for the month of March 2024.

This represents a 1.5 per cent increase over 32.7 per cent recorded in February 2024.

The NBS disclosed this in a new report released on Monday.

It explained that the rise was primarily due to higher costs of food, beverages, energy, and housing. Compared to February 2024, the inflation rate in March increased at a slower pace, with food inflation reaching 40.01% year-on-year.

NBS attributed the spike in food prices to the rising costs of items like garri, millet, yam tubers, and others. On a month-on-month basis, food inflation slightly decreased to 3.62% in March 2024.

Urban inflation also increased to 35.18% year-on-year in March 2024, while rural inflation stood at 31.45%.

Core inflation, which excludes volatile agricultural products and energy, was 25.90% year-on-year in March 2024.

Overall, the rising cost of living in Nigeria is evident in the significant increase in inflation rates across different categories.

It is crucial for policymakers to address these challenges to alleviate the financial burden on the population.