Despite Naira’s rebound, Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%.
This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Monday.
“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,” said the NBS.
“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 inflation report by the NBS followed the hike of Nigeria’s interest rate from 22.75% to 24.75% by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
Interestingly, the March inflation rate was released at a time when measures by the apex bank to strenghten the naira against foreign exchange have seen some positive results.
The naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now.
As the naira rebounds, Nigerians expect significant reduction in the prices of food and basic commodities but this hasn’t been the case with cost of living still high.
| Posted: at | |
gogoman
angesco
fineboy77
TRENDING GISTS 
BREAKING: Finidi George Gets NFF's Nod As New Super Eagles Coach
Dem Mention Money, You Sef Dey Talk - Kizz Daniel Slams Tekno Over 'Buga' Royalties
Meet Ndubuisi Egbo The First-Ever Nigerian Coach To Lead an European Team To A League Title
Actor, Adeniyi Johnson Shares Epic Throwback Photo With Wife, Seyi Edun On Movie Set
VIDEO: Singer, Wizkid Gushes Over Prophet Odumeje, Shares Plan For Him