The National Bureau of Statistics (NBS) has disclosed that Nigeria’s headline inflation rate increased to 33.20 per cent in March 2024, up from 31.70 per cent in February 2024.

This represents a month-over-month increase of 1.50 per cent points in the headline inflation rate, according to recently released data by the NBS.

The annual food inflation rate was 40.01 per cent in March 2024, which was 15.56 per cent higher than the 24.45 per cent rate in March 2023.

The NBS attributed this increase to price hikes in items such as Garri, Millet, Akpu Uncooked Fermented (Bread and Cereals), Yam Tuber, Water Yam (Potatoes, Yam, and other Tubers), Dried Fish Sadine, Mudfish Dried (Fish), Palm Oil, Vegetable Oil (Oil and Fat), Beef Feet, Beef Head, Liver (Meat), Coconut, Water Melon (Fruit), Lipton Tea, Coffee, Tea, and Cocoa.

Month-to-month, food inflation fell to 3.62 per cent in March 2024, which was a 0.17 percentage point decrease from February 2024. 

This decline was due to reduced price growth rates for items like Guinea corn flour, Plantain Flour (Bread and Cereals), Yam, Irish Potato, Coco Yam (Potatoes, Yam & Other Tubers), Titus fish, Mudfish Dried (Fish), Coffee, Tea, and Cocoa.

Notable price hikes were observed in urb an bus fares, housing rentals, medical consultation fees, and pharmaceuticals, among others.

On a monthly comparison, Core Inflation rose to 2.54 per cent in March 2024, up from 2.17 per cent in February 2024, marking an increase of 0.37 per cent. 

NBS noted that it is important to recognise that varying consumption patterns across different states and localities influence the Consumer Price Index.