Nigeria records 24.23% inflation rate for March

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NBS reports March inflation at 24.23%, driven by rising food, transport costs.

ICIR NIGERIA

Nigeria’s inflation rate rose to 24.23 per cent in March 2024, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The March figure marks an increase from the 21.91 per cent recorded in the same month last year, showing a year-on-year inflation rise of 2.32 percentage points.

According to the NBS, the headline inflation was driven mainly by rising food prices and higher costs in transport and housing. “In March 2024, the inflation rate increased to 24.23 per cent relative to the March 2023 rate,” the report stated.

Food inflation rose to 25.94 per cent, while the core inflation index—excluding food and energy—stood at 22.13 per cent.

READ MORE AT ICIR NIGERIA

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