Nigeria’s Inflation Rate Hits 33.20% As Naira Rebounds

According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate increased to 33.20% in March 2024 from 31.70% in February 2024.

A report released by the NBS on Monday, April 15, reads: “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.

“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%.

“On a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

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

The March inflation figure 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.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli