Nigeria’s inflation rate rises to 33.20%


April 16, 2024.

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Azonuchechi Chukwu.

Nigeria’s headline inflation rate in March 2024, increased to 33.20 percent, relative to the headline inflation rate in February 2024, which was 31.70 percent.

Data released by the National Bureau of Statistics (NBS) on Monday showed that food inflation was 40.01 percent in March 2024.

Explaining how Food prices pushed inflation up in March 2024, the NBS said, “The Food inflation rate in March 2024 was 40.01 percent on a year-on-year basis, which was 15.56 percent higher compared to 24.45 percent recorded in March 2023.

According to the NBS, on a year-on-year basis, the headline inflation rate was 11.16 percent higher compared to 22.04 percent recorded in March 2023.

This shows that the headline inflation rate (on a year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year.

Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02 percent, which was 0.10 percent lower than the 3.12 percent recorded in February 2024.

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 explained that the percentage change in the average CPI for the 12-month period ending March 2024 over the average of the CPI for the previous 12-month period was 27.13 percent, showing a

6.76 percent increase compared to 20.37 percent recorded in March 2023.

The Urban inflation rate was 35.18 percent, on a year-on-year basis, in the month of March 2024, indicating 12.11 percent higher compared to the 23.07 percent recorded in March 2023.

However, on a month-on-month basis, the Urban inflation rate was 3.17 percent in March 2024; this was 0.0001 percent points marginally and insignificantly lower compared to 3.17 percent recorded in February 2024.

The corresponding 12-month average for the Urban inflation rate was 28.96 percent in March 2024, showing 7.96 percent higher compared to the 21.00 percent reported in March 2023.

The highest increases were recorded in prices of the following items: Bus Journey within the city (under

Passenger Transport by Road class), Actual and Imputed Rentals for Housing, Consultation Fee of a medical doctor (under Medical Services class), and pharmaceutical products, etc.

On a month-on-month basis, the Core Inflation rate was 2.54 percent in March 2024. It stood at 2.17 percent in February 2024, an increase of 0.37 percent.

The average twelve-month annual inflation rate was 22.26 percent for the twelve months ending March 2024; this was 5.04 percent points higher than the 17.22% recorded in March 2023.(

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Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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