The National Bureau of Statistics (NBS) reported that Nigeria’s annual inflation rate climbed to 33.20% in March from 31.70% in February. This marked a 1.50% increase compared to February’s rate and an 11.16% increase from March 2023’s rate of 22.04%. According to the NBS, this indicates a rise in inflation compared to the same month last year (“This shows that the headline inflation rate (year-on-year basis) increased in March 2024 when compared to the same month in the preceding year (i.e., March 2023)”).
Additionally, the month-on-month headline inflation rate in March 2024 was 3.02%, slightly lower than February 2024’s rate of 3.12%. This suggests a slower rate of increase in the average price level in March compared to February. Food inflation surged to 40.01% year-on-year, up from 24.45% in March 2023, driven by price hikes in various food items (“According to the report, the food inflation rate in March 2024 quickened to 40.01 per cent on a year-on-year basis, 15.56 per cent points higher than the rate recorded in March 2023 (24.45 per cent)”).
The rise in food inflation was attributed to increases in the prices of staple foods and other items such as garri, yam tubers, dried fish, palm oil, and beverages (“The rise in food inflation on a year-on-year basis was caused by increases in prices of garri, millet, Akpu uncooked fermented…coconut, watermelon”). On a month-on-month basis, food inflation in March 2024 decreased slightly to 3.62% compared to February 2024’s rate of 3.79%. However, the average annual food inflation rate for the twelve months ending March 2024 rose to 31.40%, an increase from 22.72% recorded in March 2023.
The NBS noted that the main contributors to the increase in the headline index were food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels (“The contributions of items on the divisional year-on-year level to the increase in the headline index are food & non-alcoholic beverages (17.20 per cent), housing, water, electricity, gas & other fuel (5.56 per cent)…”). Additionally, the percentage change in the average Consumer Price Index (CPI) for the twelve months ending March 2024 increased to 27.13% compared to 20.37% recorded in March 2023.
The Nigerian government has been implementing measures to address inflationary pressures, including interventions in the foreign exchange market to stabilize the currency (“This prompted the Nigerian government to put measures and reforms in place to safeguard the country’s foreign exchange market and combat speculative activities”). Despite these efforts, inflation remains a significant challenge, particularly in the food sector, affecting the purchasing power of many citizens.
The rate at which inflation affects the economy is a very big challenge. There’s a lot of work to be done in combatting and putting preventive measures in place to stop it.
The government are kuku trying, but they are still some greedy business men and women out there, who will never want to reduce the price of their products.
God will help this country Nigeria
If God help the country, make we wey get the country try dey help ourselves too
I think majority of nigerians are actually nigeria’s problem we hate ourselves so much even till death, at least we can see few commitment from the government but the citizens are not ready to compromise to make life easy for their selves
One of the main problem we are facing in the country.
We are only depending on God ooo. Buying things in Nigeria now is some else
It’s not easy o my brother, this economy is not for the poor, the rich sef are complaining.
Make things come down abeg o
It really need to come down, people are dying.
There is nothing we will not see in Nigeria.
Nigeria is too much abeg
The rate at which food prices are going high is alarming
So many people can not afford to purchase common food stuff
The intervention of the government is really needed
Market price is always going on the high side with each day. It never comes down.
Nigerians are suffering, people can no longer afford basic things to keep body and soul. It’s unfortunate.
The most annoying part is, market people sells base on dollar inflation… Once it comes down, the market price will never change
May almighty help us ,this increase in everything is getting too much o
I’m tired of this country 😞😭
Dollar came down but the price of food stuff did not change, now this again?
Things are really high in this country some people are suffering because they can not afford what they will eat
Honestly
When is this all going to change for better
Everything is expensive and the salary still remain the same.tell me why the rate of criminal act wouldn’t continue emerging.something has to be done fast before things get out of hands.
Omo …I hope things can get better soon…the hardship is getting too much… Everything just they tired person for this country
I just get to know how much dollar price decreased, but it seems the government isn’t doing anything concerning it