Nigeria’s inflation climbed in March, reaching a 28-year high of 33.20 per cent, up from 31.70 per cent in February, according to the National Bureau of Statistics.
The NBS said food and non-alcoholic beverages were the biggest contributors to the inflation rate.
It said food inflation rose to 40.01 per cent while the energy inflation rose to 25.90 per cent.
“In March 2024, the headline inflation rate increased to 33.20 per cent relative to the February 2024 headline inflation rate which was 31.70 per cent. Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50 per cent points when compared to the February 2024 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 11.16 per cent points higher compared to the rate recorded in March 2023, which was 22.04 per cent. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02 per cent, which was 0.10 per cent lower than the rate recorded in February 2024 (3.12 per cent). 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,” it stated.
It noted that the rise in flod inflation on a year-on-year basis was caused by increases in prices of Garri, Millet, Akpu uncooked fermented, yam tuber, water yam, Dried fish, Sadine, Mudfish dried, Palm oil, Vegetable oil, Beef
feet, Beef head, Liver, Coconut, Water melon, Lip-ton tea, Bournvita, Milo.
On energy, the NBS said the highest increases were recorded in prices obus journey within the city, actual and imputed rentals for housing, consultation
fee of a medical doctor, and pharmaceutical products, etc.
Recently, the Federal Government increased electricity tariffs for consumers amid epileptic power supply.
Also, the removal of fuel subsidy and the foreign exchange rate contribute to the increase in prices.
Last month, the Central Bank of Nigeria increased the benchmark interest rate by 400 basis points to a record 22.75 per cent.
