The latest data from the National Bureau of Statistics (NBS) reveals a notable uptick in Nigeria’s inflation rate, reaching 33.2% for March 2024.
The figure marks a 1.5% increase compared to the 32.7% recorded in February 2024.
Experts say the rise in inflation underscores Nigeria’s persistent economic challenges, including supply chain disruptions, currency depreciation, and elevated food prices. These factors continue to pressure consumer purchasing power and overall price levels.
The uptick in inflation could further exacerbate the cost of living for many Nigerians, particularly those grappling with economic hardship.
Government officials say they are already implementing targeted measures to mitigate price volatility, enhance productivity, and promote sustainable economic growth.
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