Nigeria’s Consumer Price Index (CPI) or inflation rate increased in March 2024 to 33.20%, up from the 31.70% recorded in February this year.
The National Bureau of Statistics (NBS) in its CPI and Inflation Report March 2024’ published on its website on Monday, indicated that the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the preceding month’s headline inflation rate.
It clarified that on a year-on-year basis, the headline inflation rate was 11.16% points higher in the month under review compared to the 22.04% rate recorded in March 2023.
The statistics agency reported that on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, representing 0.10% lower than the 3.12% rate recorded in the preceding month.
On the All-Items Index, the Bureau reported that in the month under review, the headline inflation rate increased to 33.20% relative to the preceding month’s headline inflation rate which was 31.70%, representing an increase of 1.50% points when compared to the February 2024 headline inflation rate.
On a year-on-year basis, it disclosed the All-Items Index headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04% while on a month-on-month basis, the headline inflation rate stood at 3.02%, which was 0.10% lower than the 3.12% rate recorded in February 2024.
The statistics agency stated that the percentage change in the average CPI for the twelve-month period ending March 2024 over the average of the CPI for the previous twelve-month period was 27.13%, showing a 6.76% increase compared to 20.37% recorded in March 2023.
It reported that the Urban Inflation rate was 35.18% in March 2024, a rate which was 12.11% points higher compared to the 23.07% recorded in the preceding month, which was 0.0001% points marginally lower compared to 3.17% rate recorded in February 2024.
The Bureau disclosed that on a year-on-year basis, the Urban inflation rate was 28.96% in March 2024, representing 7.96% points higher compared to the 21.00% reported in March 2023
On the Rural Inflation rate in March 2024, the report showed that the rate stood at 31.45% on a year-on-year basis, indicating 10.37% higher compared to the 21.09% recorded in March 2023, adding that on a month-on-month basis, the Rural inflation rate was 2.87%, down by 0.20% points compared to the 3.07% rate recorded in February 2024.
The NBS further clarified that the corresponding twelve-month average for the Rural inflation rate in March 2024 was 25.50%, representing 5.71% higher compared to the 19.79% recorded in the preceding month of the year.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
