Nigeria’s Inflation Rate Hits 33.20% As Naira Rebounds

In March 2024, Nigeria’s inflation rate increased to 33.20%, up from 31.70% in February.

According to the National Bureau of Statistics’ (NBS) Consumer Price Index (CPI) data, which was released on Monday.

“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,” the National Bureau of Statistics (NBS) reported.

“On a year-over-year basis, the headline inflation rate was 11.16% higher than the rate reported in March 2023 (22.04%).

“On a month-to-month basis, the headline inflation rate in March 2024 was 3.02%, 0.10% lower than the rate in February 2024 (3.12%). This suggests that the average price level will climb at a slower rate in March 2024 than it did in February 2024.

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

Interestingly, the March inflation number was revealed at a time when the central bank’s initiatives to strengthen the naira versus foreign money have had some good outcomes.

In recent weeks, the naira has strengthened against the dollar by more than 40%, rising from around N1,900 to around N1,100 per dollar.

As the naira recovers, Nigerians expect large reductions in the prices of food and other necessities, but this has not occurred, with the cost of living being high.

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