BREAKING NEWS: Nigeria's Inflation Rate Hits 33.20%, Despite Naira’s Rebound

Date: 15-04-2024 6:58 pm (1 month ago) | Author: kacy lee
- at 15-04-2024 06:58 PM (1 month ago)
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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 15-04-2024 06:58 PM (1 month ago) | Addicted Hero
- gogoman at 15-04-2024 07:09 PM (1 month ago)
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This is out of it!! have checked South Africa, Ghana, and even Libya's inflation rate this Naija one too high!!! 5 fold  Roll Eyes Roll Eyes Roll Eyes and we say we be giant of Africa  Cry Cry Cry
Posted: at 15-04-2024 07:09 PM (1 month ago) | Grande Master
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- angesco at 15-04-2024 07:46 PM (1 month ago)
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These numbers mean nothing to the majority of Nigerians.

All we  want is to live within a stable economy.

Is this asking too much from our elected government???
Posted: at 15-04-2024 07:46 PM (1 month ago) | Gistmaniac
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- fineboy77 at 15-04-2024 10:04 PM (1 month ago)
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They dont know the scam that Nigeria is.

Posted: at 15-04-2024 10:04 PM (1 month ago) | Addicted Hero
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