According to figures from the National Bureau of Statistics (NBS), Nigeria’s inflation rate jumped 1.5% from February’s 31.7% to 33.2% in March 2024.
In its Consumer Price Index (CPI) and Inflation Report for February, the NBS made this statement. The report was made public on Friday in Abuja.
The research states that the percentage is 1.80% points higher than the 29.90% recorded in January 2024.
According to the report, certain divisional-level items in the basket of goods and services increased, which resulted in an increase in the headline index for February 2024 both year over year and month over month.
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It stated that these price rises were seen in housing, water, power, gas, fuel, food, and non-alcoholic beverages, clothing and footwear, and transport.
The others included furniture, home appliances and upkeep, health, education, various goods and services, lodging and dining establishments, alcoholic drinks, tobacco, and drugs, leisure and culture, and communication.
According to the report, the headline inflation rate in February 2024 was 7.9%, which was higher than the rate of 21.9% in the same month the previous year.
Furthermore, according to the data, the headline inflation rate in February 2024 was 3.12% on a month-over-month basis, 0.48 percent higher than the rate noted in January 2024 of 2.64 percent.
“This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024.’’
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The report also showed that metropolitan regions were hardest hit, with inflation in March rising to 35.18% year over year from 23.07% during the same month the previous year. Rural areas also suffered, seeing an increase to 31.45% in March 2023 from 21.09%.
Core inflation, which does not include energy and volatile agricultural products, increased from 19.63% to 25.90% in March 2024. The spike heightens worries about the soundness of the economy by signalling a wider-based inflationary pressure.
According to a financial analyst, “This inflation surge underscores the need for proactive measures to mitigate its adverse impacts. Policymakers must tread cautiously, balancing the need for growth with the imperative of price stability.”
Experts emphasise the significance of focused efforts to protect disadvantaged populations from the worst effects of rising prices as the country struggles with this economic crisis.
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“Addressing inflation requires a multifaceted approach, encompassing monetary policy, fiscal measures, and structural reforms,” an economist added.
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