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Nigeria: Inflation rate increases to 33.20 percent amid Naira recovery, says NBS

*As Nigeria’s national currency, Naira, rebounds, cross-sections of Nigerian consumers, however, have complained of continued high prices of food and basic commodities in the economy

Isola Moses | ConsumerConnect

Nigeria’s headline inflation rate increased to 33.20 percent March 2024, in comparison to the February 2024 headline inflation rate, estimated at 31.70 percent, according to the National Bureau of Statistics (NBS Consumer Price Index (CPI) report released Monday, April 15, 2024.

ConsumerConnect reports the NBS report stated: “Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.

“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%.”

The agency also said: “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.”

It is recalled the NBS inflation report followed the hike of Nigeria’s interest rate from 22.75% to 24.75% by the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC).

The NBS is said to have released the March inflation rate at a time when the CBN’s measures at strengthening the country’s Naira against foreign currencies have witnessed some positive results.

Report indicates that Nigeria’s Naira appreciated against the Dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now.

Meanwhile, as the West African country’s national currency (Naira) rebounds, cross-sections of Nigerian consumers severally, have complained of high prices of products and services.

They, however, expect a significant reduction in the prices of food and basic commodities going forward.

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