Nigeria’s inflation rate is not showing any signs of slowing down despite several measures by the government to tame the trend. According to the latest numbers released by the National Bureau of Statistics (NBS), the country’s inflation rate soared for the 15th month in a row, settling at a 28-year high of 33.20%.
Food and energy costs are the biggest drivers of this trend. The inflation rate for food stands at 40 percent with staples such as garri, Fufu, watermelon, etc seeing the biggest gains in prices.
Year-on-year, the headline inflation rate was 11.16 percentage points higher than at the end of March last year.
The NBS reported that on a month-on-month basis, the headline inflation rate in March 2024 was 3.02 percent, which was 0.10 percent lower than the rate recorded in February 2024 at 3.12 percent.
It said the food inflation rate in March 2024 was 40.01 percent on a year-on-year basis, which was 15.56 percent points higher compared to the rate recorded in March 2023 at 24.45 percent.
