Nigeria’s Inflation Rate Surges To 33.20%

Nigeria's Inflation

According to the Statistics Office, Nigeria’s headline inflation increased by 150 basis points in March to 33.20% year over year from a figure of 31.70% in February 2024. Consumer inflation ended up at 23.22% annually in April 2023. This implies a 10% increase in inflation over the last 12 months.

The National Bureau of Statistics (NBS) revealed in its most recent update that headline inflation decreased by 10 basis points from 3.12% to 3.02% in the preceding month. Naira Takes a Major Hit, CBN Loses It All Against FX Whales

The central bank has removed a significant amount of liquidity from the economy through the sale of Treasury and OMO bills, according to experts, who also noted that the monthly decrease in headline inflation was caused by the tightening of monetary policy.

The most recent research claims that food inflation increased by 210bps to 40.01% year on year from 37.92% in February.

The rise in Food inflation on a year-on-year basis was due to increased prices of the following items: Garri, Millet, Akpu Uncooked Fermented , Yam Tuber, Water Yam (under Potatoes, Yam, and other Tubers class), Dried Fish Sadine, Mudfish Dried (under Fish class), Palm Oil, Vegetable Oil (under Oil and Fat), Beef Feet, Beef Head, Liver (under Meat class), Coconut, Water Melon (under Fruit Class), Lip-ton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).

Meanwhile, on a month-on-month basis, food inflation eased by 3.62%, relative to the 3.79% recorded in the previous month.

Similarly, the core inflation (All items less farm produce and energy) expanded by 77 basis points to 25.90% year on year from 25.13%.

The highest increases were recorded in prices of the following items: Bus Journey within the city (under Passenger Transport by Road class), Actual and Imputed Rentals for Housing, Consultation Fee of a medical doctor (under Medical Services class), and pharmaceutical products, etc.

Significant pressures were recorded in prices of Gas, Passenger Transport by Air, Liquid Fuel, Fuels, and Lubricants for Personal Transport Equipment, vehicle spare Parts, and Solid Fuel. The core index surged by 37bps to 2.54% m/m in March 2024 compared

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