The National Bureau of Statistics has disclosed in its
latest report that Nigeria’s headline inflation rose to
33.20 percent, which was 31.70 percent in February,
showing an increase of 1.50 percent points.
The report also has it that food inflation increased
to 40 percent with prices of garri, akpu (cassava
paste), water melon, among others cited as the reason
for the increase, on a year-on-year basis. According to
the bureau, the headline inflation rate was 11.16
percent points higher when compared to the rate
recorded in March 2023, which was 22.04 percent, and 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).
It says, “This shows that the headline inflation rate
(year-on-year basis) increased in the month of March
2024 when compared to the same month in the preceding
year (i.e. March 2023).”
The NBS further presented more comparison when it
states that “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.
”
The NBS noted that the Food inflation rate in March
2024 was 40.01 percent on a year-on-year basis, which
was 15.56 percent points higher compared to the rate
recorded in March 2023 (24.45 percent).
“The rise in food inflation on a year-on-year basis was
caused by increases in prices of the following items
garri, millet, akpu uncooked fermented (which are under
the bread and cereals class), yam tuber, water yam
(under potatoes, yam, and other tubers class), dried
fish sadine, mudfish dried (under fish class), palm
oil, vegetable oil (under oil and fat), beef feet, beef
head, liver (under meat class), coconut, water melon
(under fruit class), lipton tea, Bournvita, Milo (under
coffee, tea and cocoa class).
Further report indicates that “The fall in Food
inflation on a month-on-month basis was caused by a
fall in the rate of increase in the average prices of
guinea corn flour, plantain flour etc (under bread and
cereals class), yam, Irish Potato, Coco Yam (under
potatoes, yam & other tubers class), Titus fish,
mudfish dried (under fish class), Lipton, Bournvita,
Ovaltine (under coffee, tea and cocoa class).
“The average annual rate of food inflation for the
twelve months ending March 2024 over the previous
twelve-month average was 31.40 percent, which was 8.69
percent points increase from the average annual rate of
change recorded in March 2023 (22.72 percent).”