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Nigeria’s Inflation Rate Hits 33.20% Despite Naira Rebound

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Despite Naira’s rebound, Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%.

This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Monday.

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate,” said the NBS.

“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%.

The inflation report by the NBS followed the hike of Nigeria’s interest rate from 22.75% to 24.75% by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

Interestingly, the March inflation rate was released at a time when measures by the apex bank to strenghten the naira against foreign exchange have seen some positive results.

As the naira rebounds, Nigerians expect significant reduction in the prices of food and basic commodities but this hasn’t been the case with cost of living still high.

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