Inflation Rises to 24.23% in March
Nigeria’s headline inflation fee rose to 24.23 p.c in March, the Nationwide Bureau of Statistics (NBS) has said.
A report by the bureau mentioned the determine was a 1.05 p.c enhance from the 23.18 p.c recorded in February.
That is the primary enhance of the inflation determine because the NBS rebased the Shopper Worth Index (CPI) earlier within the 12 months.
“Trying on the motion, the March 2025 Headline inflation fee confirmed a rise of 1.05% in comparison with the February 2025 Headline inflation fee. Moreover, on a month-on-month foundation, the Headline inflation fee in March 2025 was 3.90%, which was 1.85% increased than the speed recorded in February 2025 (2.04%).
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“Which means that in March 2025, the speed of enhance within the common value stage is increased than the speed of enhance within the common value stage in February 2025.”
It defined that contributions of things on the divisional stage are meals and non-alcoholic drinks, 9.28 p.c; eating places and lodging providers, 2.99 p.c; transport, 2.47 p.c; housing, water, electrical energy, gasoline, and different fuels, 1.95 p.c, schooling providers 1.44 p.c, well being 1.40 p.c.
It mentioned meals inflation fee in March 2025 was 21.79 p.c on a year-on-year foundation.
“Nevertheless, on a month-on-month foundation, the Meals inflation fee in March 2025 was 2.18 p.c, up by 0.50 p.c in comparison with February 2025 (1.67 p.c),” the NBS added.
It attributed the rise to the rise within the common costs of ginger (recent), garri (Yellow), damaged rice (ofada), honey (pure manufacturing), crabs, potatoes, plantain flour, periwinkle (unshelled), pepper (recent), and many others.
