By Sunday Etuka, Abuja
The Nation’s headline inflation rate has once again increased to 33.20 percent in March 2024, relative to the 31.70 percent recorded in February, 2024.
This was 1.50 percent points increase when compared to the February 2024 headline inflation rate.
According to the Consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS) on Monday, April 15, 2024, the rate was pushed up by increase in food prices which was 40.01 percent in March 2024.
0n 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%.
This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).
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.
