The rate at which prices of goods and services rise continued to spike with inflation reaching 33.2 per cent last month, according to the latest data by the National Bureau of Statistics (NBS).
According to the latest data, the inflation rate in Nigeria soared to 33.20 per cent in March 2024, up from 31.70 per cent in February of the same year. This significant increase indicated a continued upward trend in inflationary pressures within the economy.
The inflation rate in Nigeria has averaged 13.44 per cent since 1996, with historical highs recorded, such as 47.56 per cent in January 1996. In contrast, the lowest inflation rate was -2.49 per cent in January 2000.
The cost of food in Nigeria experienced a substantial increase of 40.01 per cent 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 per cent since 1996, with the highest recorded increase of 40.01 per xbet in March 2024 and the lowest decrease of -17.50 per cent in January 2000.
