The National Bureau of Statistics say Nigeria’s headline inflation rose to 33.20% in March 2024 from 31.70% recorded in February 2024, indicating an increase of 1.50%.
The latest data released by the NBS show that on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%.
Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of 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.
The percentage change in the average CPI for the twelve-month period ending March 2024 over the average of the CPI for the previous twelve-month period was 27.13%, showing a 6.76% increase compared to 20.37% recorded in March 2023.
Urban inflation rate was 35.18%; indicating an annual increase of 12.11% compared to the 23.07% recorded in March 2023 while on a month-on-month basis, the Urban inflation rate was 3.17% in March 2024, marginally and insignificantly lower compared to February 2024 (3.17%). The corresponding twelve-month average for the Urban inflation rate was 28.96% in March 2024. This was 7.96 % points higher compared to the 21.00% reported in March 2023.
The Rural inflation rate in March 2024 was 31.45% on a year-on-year basis; 10.37% higher compared to the 21.09% recorded in March 2023. On a month-on-month basis, the Rural inflation rate in March 2024 was 2.87%, down by 0.20% points compared to February 2024 (3.07%).
The big elephant in the room is food inflation that rose astronomically in March 2024 to 40.01% on a year-on-year basis, indicating a 15.56% increase compared to the rate recorded in March 2023 (24.45%). The annual rise is attributed to increases in prices of Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, Water Yam (under Potatoes, Yam, and other Tubers class), Dried Fish, Sadine, Mudfish Dried (under Fish class), Palm Oil, Vegetable Oil (under Oil and Fat), Beef Feet, Beef Head, Liver (under Meat class), Coconut, Water Melon (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).
On a month-on-month basis, the Food inflation rate in March 2024 was 3.62% which shows a 0.17% decrease compared to the rate recorded in February 2024 (3.79%). The slight decline was attributed to a fall in the rate of the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class), Yam, Irish Potatoe, Coco Yam (under Potatoes, Yam & Other Tubers class), Titus fish, Mud fish Dried (under Fish class), Lipton, Bournvita, Ovaltine (under Coffee, Tea and Cocoa class).
The average annual rate of Food inflation for the twelve months ending March 2024 over the previous twelve-month average was 31.40%, which was 8.69% points increase from the average annual rate of change recorded in March 2023 (22.72%).
Outlook from states show that food inflation on a Year-on-Year basis was highest in Kogi (48.46%), Kwara (46.18%), Akwa Ibom (45.18%), while Nasarawa (33.76%), Borno (34.28%) and Bauchi (34.38%), recorded the slowest rise in Food inflation on Year-on-Year basis. On a Month-on-Month basis, however, March 2024 Food inflation was highest in Abia (5.17%), Cross River (5.14%), Bayelsa (4.75%), while Borno (1.59%), Yobe (2.08%) and Adamawa (2.12%) recorded the slowest rise in Food inflation on Month-on-Month basis.
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