• Monday, May 27, 2024
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BusinessDay

Inflation quickens to 33% in March despite stronger naira

Nigeria’s stubborn inflation and how government must focus on engineering growth

Nigeria’s headline inflation rate rose to a record high of 33.2 percent last month despite the recent strengthening in the naira.

According to the latest Consumer Price Index report by the National Bureau of Statistics on Monday, inflation rose to 33.2 percent in March from 31.70 percent in February.

This will be the 15th consecutive monthly increase.

Food inflation rose to 40.01 percent from 37.90 percent.

A breakdown of the report shows that food and non-alcoholic beverages contributed the most to the increase in the headline index.

According to NBS, the rise in Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Potatoes, Yam & Other Tubers, Bread and Cereals, Fish, Meat, fruit, coffee, tea, and Vegetable.