The latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS) reveals notable increases in both headline and food inflation rates for March 2024.
Compared to February 2024, the headline inflation rate rose by 1.50% points, reaching 11.16% higher than March 2023, which stood at 22.04%. This indicates a significant year-on-year increase.
In March 2024, food inflation surged to 40.01%, marking a considerable rise from the 24.45% recorded in March 2023. This increase of 15.56% points underscores the substantial impact of food prices on overall inflation.
Month-on-month comparisons showed a slight decrease in headline inflation, dropping from 3.12% in February to 3.02% in March. Similarly, food inflation decreased from 3.79% in February to 3.62% in March.
The escalation in food inflation was attributed to higher prices of essential items such as garri, millet, bread, yam, dried fish, meat, and fruits. However, there was a marginal decline in the month-on-month food inflation rate due to lower price increases in items like Guinea corn flour, plantain flour, yam, Irish potato, cocoyam, Titus fish, mudfish dried, Lipton, Bournvita, and Ovaltine.
The report also highlighted regional disparities, with Kogi, Kwara, and Akwa Ibom experiencing the highest food inflation rates on a year-on-year basis, while Abia, Cross River, and Bayelsa topped the list for month-on-month increases.
Conversely, Nasarawa, Borno, and Bauchi had the slowest year-on-year rise, and Borno, Yobe, and Adamawa had the slowest month-on-month increases in food inflation.
Overall, the data underscores the challenges posed by rising food prices, contributing significantly to the inflationary pressures observed in the economy.
