Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%.
This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Monday.
“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate,” said the NBS.
The inflation report by the NBS followed the hike of Nigeria’s interest rate from 22.75% to 24.75% by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
The March inflation occurred at a time when measures by the apex bank to strenghten the naira against foreign exchange have seen some positive results.
The naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now.
More to follow…
