Despite the notable appreciation of the naira against the dollar, the relentless surge in the prices of goods and services persisted, with inflation hitting 33.2 percent last month, according to the latest data from the National Bureau of Statistics (NBS).
In March 2024, Nigeria’s inflation rate surged to 33.20 percent, up from 31.70 percent in February of the same year, indicating a continued upward trend in inflationary pressures within the economy.
Historically, Nigeria has maintained an average inflation rate of 13.44 percent since 1996, with peaks like 47.56 percent recorded in January 1996, and the lowest point at -2.49 percent in January 2000.
The cost of food in Nigeria saw a significant spike of 40.01 percent in March 2024 compared to the same period last year, marking the highest level of food inflation on record. This underscores the severe challenges in terms of food affordability and accessibility.
Since 1996, food inflation in Nigeria has averaged 13.26 percent, with the highest increase recorded at 40.01 percent in March 2024, and the steepest decrease at -17.50 percent in January 2000.
