Nigeria’s inflation rate increased to 33.2% for the month of March 2024 according to the latest data from the National Bureau of Statistics (NBS).  

This represents a 1.5% points increase from the 31.7% recorded in February 2024. The increase in the inflation rate in March was slower compared to the 1.80% increase recorded in February 2024.  

Inflation in March was driven by an increase in food and beverages coupled with energy and housing costs.  

On a year-on-year basis, the headline inflation rate increased by 11.16% from 22.04% in March 2023. Additionally, the headline inflation rate for March 2024 was 3.02%, a decrease of 0.10% from February 2024, when it was 3.12%.