Nigeria Nigeria's March Inflation Climbs to 33.2% Despite Naira's Strength

Nigeria's headline inflation rate surged to an all-time high of 33.2% in March, marking the 15th consecutive monthly increase, despite recent improvements in the value of the national currency, the naira. T

The latest Consumer Price Index report by the National Bureau of Statistics revealed this alarming trend, indicating a significant rise from February's 31.70%. Food inflation also escalated to 40.01%, driven by soaring prices of essential commodities such as Potatoes, Yam, Bread, Cereals, Fish, Meat, fruit, coffee, tea, and vegetables.

This persistent inflationary pressure poses challenges to consumers and the economy at large, warranting urgent policy measures to address its root causes and mitigate its adverse effects.