Nigeria’s inflation rate hits 33.20%

The National Bureau of Statistics (NBS) has declared that Nigeria’s inflation rate rose to 33.20 per cent in Mach 2024.

The NBS said the inflation rate increased to 33.20 per cent from 31.70 per cent recorded in February.

The bureau disclosed this in its Consumer Price Index (CPI) report released on Monday, April 15.

The NBS said on a year-on-year basis, the headline inflation rate in March was 11.16 per cent higher than the rate recorded in March 2023 at 22.04 per cent.

The NBS said on a month-on-month basis, the inflation rate in March 2024 was 3.02 per cent, which was 0.10 per cent lower than the rate recorded in February 2024 at 3.12 per cent.

“This means that in 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,” it noted.

The bureau attributed the increase in the headline index for March 2024 on a year-on-year basis and month-on-month basis to an increase in some goods and services at the divisional level.

The NBS said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

Others, it said, were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.

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It said the percentage change in the average CPI for the 12 months ending IN March 2024 over the average of the CPI for the previous corresponding 12-month period was 27.13 per cent.

“This indicates a 6.76 per cent increase compared to 20.37 per cent recorded in March 2023,” the NBS said.

The NBS stated that the food inflation rate in March 2024 increased to 40.01 per cent on a year-on-year basis, which was 15.56 per cent higher compared to the rate recorded in March 2023 at 24.45 per cent.

The bureau noted that the rise in food inflation on a year-on-year basis was caused by increases in prices of Garri, Millet, Akpu (uncooked fermented, which are under bread and cereals class), Yam Tuber, and Water Yam.

It listed others to include dried fish sardine, mudfish dried, palm oil, vegetable oil, beef feet, beef head, liver, coconut, watermelon, Lipton tea, Bournvita, and Milo.

The NBS said on a month-on-month basis, the food inflation rate in March was 3.62 per cent, which was a 0.17 per cent decrease compared to the rate recorded in February 2024 at 3.79 per cent.

The NBS added: “The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Guinea corn flour, plantain flour etc (under bread and cereals class); yam, Irish potato, and cocoyam.

“Others are titus fish, mudfish dried, Lipton, Bournvita, and Ovaltine.”

On states’ profile analysis, the bureau said in March, all items inflation rate on a year-on-year basis was highest in Kogi State at 39.97 per cent, followed by Bauchi State at 38.34 per cent, and Kwara State at 38.10 per cent.

It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno State at 25.78 per cent, followed by Benue and Taraba states at 28.12 per cent, and Katsina State at 28.32 per cent.

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The NBS further disclosed that all items inflation rate on a month-on-month basis was highest in Zamfara State at 3.90 per cent, followed by Abia State at 3.89 per cent, and Ondo State at 3.75 per cent.

The bureau said Borno State at 1.46 per cent, followed by Yobe State at 1.84 per cent, and Adamawa State at 1.85 per cent recorded the slowest rise in month-on-month inflation.

The NBS said on a year-on-year basis, food inflation was highest in Kogi State at 48.46 per cent, followed by Kwara State at 46.18 per cent, and Akwa Ibom State at 45.18 per cent.

It noted that Nasarawa State at 33.76 per cent, followed by Borno State at 34.28 per cent, and Bauchi State at 34.38 per cent recorded the slowest rise in food inflation on a year-on-year basis.

The NBS said on a month-on-month basis, food inflation was highest in Abia State at 5.17 per cent, followed by Cross River State at 5.14 per cent, and Bayelsa State at 4.75 per cent.

The NBS added that Cross River State at 1.59 per cent, followed by Yobe State at 2.08 per cent, and Adamawa State at 2.12 per cent recorded the slowest rise in inflation on a month-on-month basis.

The Star