In March 2024, Nigeria's inflation rate climbed to 33.20 percent, marking an increase from 31.70 percent in February 2024. The National Bureau of Statistics (NBS) revealed this in its March Consumer Price Index and Inflation report. Compared to February 2024, the headline inflation rate for March 2024 rose by 1.50 percent.

Year-on-year, the headline inflation rate stood at 11.16 percent in March 2024, surpassing the 22.04 percent recorded in March 2023. This indicates a notable increase in the inflation rate for March 2024 compared to the same period in the previous year.

Additionally, on a month-on-month basis, the headline inflation rate for March 2024 was 3.02 percent, slightly lower by 0.10 percent compared to February 2024's rate of 3.12 percent. This suggests that the pace of increase in the average price level in March 2024 was slower than that of February 2024.

The data indicates the eighth consecutive rise in the inflation rate since the inauguration of President Bola Tinubu's administration on May 29, 2023.