Mkpoikana Udoma Port Harcourt — Nigeria’s headline inflation rate increased to 33.20 percent in March 2024, relative to the February 2024 rate which was 31.70 percent, the National Bureau of Statistics, NBS, has announced.
Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50 percent points when compared to the rate in February.
On a year-on-year basis, the latest inflation rate is 11.16 percent points higher compared to the rate recorded in March 2023, which was 22.04 percent.
This shows that the headline inflation rate (year-on-year) increased in the month of March 2024 when compared to the same month in the preceding year (March 2023).
Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02 percent — 0.10 percent lower than the rate recorded in February 2024 (3.12 percent).
This implies 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.
