The National Bureau of Statistics (NBS) on Monday disclosed that the headline inflation rate experienced a notable uptick, reaching 33.20 per cent in March, up by 1.50 per cent compared to the February 2024 rate of 31.70per cent.
The Consumer Price Index (CPI) report by NBS stated that year-on-year comparison reveals a substantial increase in the headline inflation rate for March 2024, standing at 33.20 percent, which is 11.16 per cent points higher than the rate recorded in March 2023, at 22.04per cent.
“This indicates a notable escalation in the inflation rate from March 2023 to March 2024,” the report by NBS revealed.
The report noted further that when examining the month-on-month basis, the headline inflation rate for March 2024 was 3.02per cent, marking a slight decrease of 0.10per cent compared to February 2024, where it was 3.12 per cent.
This suggests that in March 2024, the rate of price level increase was slightly lower than that observed in February 2024.
On urban inflation, the report revealed that “In March 2024, the urban inflation rate on a year-on-year basis surged to 35.18per cent, marking a significant increase of 12.11 per cent compared to March 2023, when it stood at 23.07 per cent.
“Meanwhile, on a month-on-month basis, the urban inflation rate remained relatively stable at 3.17 per cent in March 2024, with a negligible decrease of 0.0001 per cent compared to February 2024.
“The 12-month average for the urban inflation rate in March 2024 was 28.96 per cent, reflecting a notable rise of 7.96 per cent from March 2023, which was at 21.00 per cent.
The report on rural inflation, the report by the bureau said, “In March 2024, the rural inflation rate stood at 31.45per cent on a year-on-year basis, marking a significant increase of 10.37 per cent compared to March 2023, when it was at 21.09 per cent.
“On a month-on-month basis, the rural inflation rate for March 2024 was 2.87 per cent, showing a decrease of 0.20 per cent from February 2024, which was at 3.07 per cent. The corresponding twelve-month average for the rural inflation rate in March 2024 was 25.50 per cent, indicating a notable rise of 5.71 per cent compared to March 2023, which was at 19.79 per cent.”
Food inflation rate in March reached 40.01per cent on a year-on-year basis in March 2024, marking a substantial increase of 15.56 percentage points compared to March 2023, when it stood at 24.45per cent.
NBSs explained that the surge in food inflation was primarily driven by price hikes in several key items, including Garri, Millet, and Akpu Uncooked Fermented (classified under Bread and Cereals); Yam Tuber and Water Yam (classified under Potatoes, Yam, and other Tubers), Dried Fish, Sardine, and Mudfish Dried (classified under Fish), Palm Oil and Vegetable Oil (classified under Oil and Fat), Beef Feet, Beef Head, and Liver (classified under Meat), Coconut and Watermelon (classified under Fruit), as well as Lipton Tea, Bournvita, and Milo (classified under Coffee, Tea, and Cocoa).
“On a month-on-month basis, the food inflation rate for March 2024 was 3.62per cent, showing a 0.17per cent decline compared to February 2024’s rate of 3.79 per cent.
“This dip in food inflation was influenced by a moderation in the rate of price increase for items such as Guinea corn flour and Plantain Flour (classified under Bread and Cereals), Yam, Irish Potato, and Coco Yam (classified under Potatoes, Yam & Other Tubers), Titus fish and Mudfish Dried (classified under Fish), as well as Lipton, Bournvita, and Ovaltine (classified under Coffee, Tea, and Cocoa),” the report added.
