Photo Credit: Medium/John Agboola

The National Bureau of Statistics (NBS) has released data revealing that Nigeria’s headline inflation rate surged to 33.20% in March 2024, marking a steep increase from the 31.70% recorded in February 2024.

This represents a notable month-over-month uptick of 1.50 percentage points in the headline inflation rate, as per the latest figures unveiled by the NBS. Year-on-year data depicts a substantial 11.16 percentage point surge in the headline inflation rate compared to March 2023, which stood at 22.04%.

The data underscores a significant spike in the headline inflation rate for March 2024 in comparison to the corresponding period last year. Moreover, the month-on-month headline inflation rate for March 2024 was noted at 3.02%, slightly lower by 0.10 percentage points than the rate recorded in February 2024. This suggests a comparatively slower pace in the average price level increase for March 2024.

Analysing the year ending in March 2024, the average Consumer Price Index witnessed a striking 27.13% increase compared to the preceding year, representing a surge of 6.76 percentage points from the 20.37% rise observed in March 2023.

Urban inflation rates surged to 35.18% in March 2024, marking a significant 12.11 percentage point increase from March 2023. However, on a month-to-month basis, urban inflation slightly receded to 3.17% in March 2024, down by a marginal 0.0001 percentage points from February 2024. The twelve-month average urban inflation rate as of March 2024 reached 28.96%, up by 7.96 percentage points compared to March 2023.

Year-on-year rural inflation rates stood at 31.45% in March 2024, indicating a substantial 10.37 percentage point increase from March 2023. Conversely, rural inflation rates dipped to 2.87% on a month-to-month basis in March 2024, marking a decrease of 0.20 percentage points from February 2024. The average rural inflation rate over the twelve months ending in March 2024 soared to 25.50%, surging by 5.71 percentage points from March 2023.

The annual food inflation rate skyrocketed to 40.01% in March 2024, signifying a staggering 15.56 percentage point increase compared to March 2023. Noteworthy price hikes were observed in items such as Garri, Millet, Yam Tuber, and various cooking oils, among others. However, month-to-month food inflation saw a slight decline to 3.62% in March 2024, down by 0.17 percentage points from February 2024.

Core inflation rates, excluding volatile agricultural products and energy prices, soared to 25.90% on an annual basis in March 2024, representing a significant 6.26 percentage point surge from March 2023. This surge was attributed to notable price hikes in urban bus fares, housing rentals, and medical consultation fees, among others.

The NBS has cautioned that diverse consumption patterns across different states and localities influence the Consumer Price Index, emphasising the need for vigilance in monitoring inflationary trends.