Nigeria sees record inflation in March

#Finance
Nigeria sees record inflation in March

Loveworld / 8 hours

April 23, 2024

1 min read

Nigeria’s headline inflation rate surged by 1.50% to reach 33.20% in March, marking the highest level in 28 years according to the country’s statistics bureau’s report on Monday.
The National Bureau of Statistics attributed this significant increase to the steep rise in food and energy costs.
Consumer inflation in Africa’s most populous nation has been consistently climbing for 15 consecutive months, eroding people’s incomes and depleting savings. In February, it stood at 31.70%.
The bureau’s data revealed that food inflation hit 40.01% in March 2024, up from 37.92% in February.
The decision to remove the fuel subsidy by new President Bola Tinubu last June triggered a rapid surge in prices across Nigeria, placing immense financial strain on millions and challenging their ability to afford basic necessities.
Additionally, Nigeria has devalued its currency, the Naira, twice within a year, aiming to alleviate chronic forex shortages, consequently leading to a remarkable appreciation of the dollar against the Naira.
In efforts to mitigate inflation, Nigeria’s central bank has raised interest rates twice this year. The bank anticipates a decrease in prices starting in May.