Nigeria’s headline consumer inflation rate increased to 24.23% year-on-year in March from 23.18% in February, according to the National Bureau of Statistics.
The rise was largely driven by price increases in food and non-alcoholic beverages.
This development comes after inflation in Africa’s most populous country soared to repeated 28-year peaks last year following President Bola Tinubu’s subsidy reforms and naira devaluation.
Despite a rebasing exercise that updated the statistics bureau’s reference basket and comparison period, the inflation rate remains a concern for the nation’s economy.
