Nigeria’s Inflation Jumps to 33.20% in March Under President Tinubu

Nigeria’s Inflation rose to 33.20% in March under President Tinubu.

Newsone Nigeria reports that Nigeria’s inflation rate rose to 33.20 percent in March 2024 from 31.70 percent in February 2024.

This online news platform understands that the latest figure was disclosed in the National Bureau of Statistics, NBS, March Consumer Price Index and Inflation report.

The March 2024 headline inflation rate increased by 1.50 percent compared to the February 2024 headline inflation rate.

The headline inflation rate on a year-on-year basis, was 11.16 percent, higher than the 22.04 percent recorded in March 2023.

This shows that the headline inflation rate (year-on-year basis) increased in March 2024 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 percent, which was 0.10 percent lower than the rate recorded in February 2024 (3.12 percent).

The implication means that in 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.

Meanwhile, Newsone reports that this is the eighth time the inflation rate has risen since the commencement of President Bola Tinubu’s administration on May 29, 2023.