Data from the National Bureau of Statistics (NBS) for the March 2024 pegs Nigeria’s inflation rate to 33.2%. This represents 1.5% points increase from the 31.7% recorded in February 2024. The headline inflation rate on a year-on-year basis, increased by 11.16% from 22.04% in March 2023 to33.20% in March 2024.

March inflation was driven majorly by increase in food coupled with energy costs and Instability of the currency.
Food inflation
In March 2024, the food inflation year-on-year reached 40.01% marking an increase of 15.56 percentage points from 24.45% in March 2023. This surge in food can be attributed to rising prices of food items.
Urban inflation
Urban inflation in March spike to 35.18% year-on-year, a rise of 12.11% from the 23.07% recorded in March 2023. Month-on-month.
Rural inflation
The rural inflation rate for March 2024 was 31.45% on a year-on-year basis, up 10.37 percentage points from 21.09% in March 2023.
Core inflation
The Core inflation which includes all items less Produce and Energy was 25.90% in March 2024 on a year-on-year basis, an increase of 6.26% from 19.63% in March 2023.