Nigeria’s inflation rate hits 33.2% — NBS

Nigeria’s inflation rate rose to 33.20 percent in Mach 2024, up from 31.70 percent in February.

The National Bureau of Statistics (NBS) disclosed this in its consumer price index (CPI) report, which measures the rate of change in prices of goods and services, on Monday.

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.