The National Bureau of Statistics (NBS) report has indicated that Nigeria’s headline inflation rose by 150 basis points in March to 33.20% year on year from 31.70% reading in February, 2024.
The report showed that on a month-on-month basis, headline inflation eased by 10 basis points to 3.02% from 3.12% in the previous month.
The monthly decline in headline inflation was driven by monetary policy tightening, analysts said noting that the apex bank has withdrawn large liquidity from the economy via Treasury and OMO bills sales.
According to the latest report, food inflation increased by 210bps to 40.01% year on year from 37.92% in February.
The rise in Food inflation on a year-on-year basis was due to increased prices of the following items: Garri, Millet, Akpu Uncooked Fermented , 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), Lip-ton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).
Meanwhile, on a month-on-month basis, food inflation eased by 3.62%, relative to the 3.79% recorded in the previous month.
Similarly, the core inflation (All items less farm produce and energy) expanded by 77 basis points to 25.90% year on year from 25.13%.
The highest increases were recorded in prices of the following items: Bus Journey within the city (under Passenger Transport by Road class), Actual and Imputed Rentals for Housing, Consultation Fee of a medical doctor (under Medical Services class), and pharmaceutical products, etc.
