…Core inflation (All items less farm produce and energy) expanded by 77bps to 25.90% y/y (February: 25.13% y/y).
MON APRIL 15 2024-theGBJournal| Inflation rate in Nigeria soared to 33.20% in March 2024, up from 31.70% in February of the same year, According to the latest data released by the National Bureau of Statistics (NBS).
This significant increase indicates a continued upward trend in inflationary pressures within the economy.
The inflation rate in Nigeria has averaged 13.44% since 1996, with historical highs recorded, such as 47.56% in January 1996. In contrast, the lowest inflation rate was -2.49% in January 2000.
Meanwhile, the cost of food in Nigeria experienced a substantial increase of 40.01% in March 2024 compared to the same period last year.
This surge marks the highest level of food inflation on record, highlighting severe challenges in food affordability and accessibility.
Food inflation in Nigeria has averaged 13.26% since 1996, with the highest recorded increase of 40.01% in March 2024 and the lowest decrease of -17.50% in January 2000.
Similarly, the core inflation (All items less farm produce and energy) expanded by 77bps to 25.90% y/y (February: 25.13% y/y).
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.
Significant pressures were recorded in prices of Gas, Passenger Transport by Air, Liquid Fuel, Fuels, and Lubricants for Personal Transport Equipment, vehicle spare Parts, and Solid Fuel. The core index surged by 37bps to 2.54% m/m in March 2024 compared to the previous month.
Top 5 Contributors to Inflation :
-Food & Non-Alcoholic Beverages: 17.20%
-Housing, Water, Electricity, Gas & Other Fuel: 5.56%
-Clothing & Footwear: 2.54%
-Transport: 2.16%
-Furnishings & Household Equipment & Maintenance: 1.67 %
-The twelve-month CPI change ending March 2024 was 27.13%, up by 6.76% from March 2023.
Urban Inflation:
-Year-on-year: 35.18%, up by 12.11% points from March 2023.
-Month-on-month: 3.17%, marginally lower compared to February.
Rural Inflation:
-Year-on-year: 31.45%, up by 10.37% from March 2023.
-Month-on-month: 2.87%, slightly lower compared to February.
”These figures highlight persistent inflationary pressures, demanding robust policy responses,” says analysts at Comercio Partners Research
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