The latest data released by the National Bureau of Statistics (NBS) reveals that inflation in Nigeria soared to 33.20% in March 2024, compared to 31.70% in February of the same year. This substantial uptick underscores a persistent upward trajectory in the prices of goods and services.

Since 1996, Nigeria has experienced an average inflation rate of 13.44%, with notable peaks like 47.56% in January 1996 and lows such as -2.49% in January 2000.

In March 2024, the cost of food in Nigeria witnessed a significant spike of 40.01% compared to the same period the previous year. This surge represents the highest level of food inflation on record, underscoring the immense challenges in ensuring food affordability and accessibility.

Historically, food inflation in Nigeria has averaged 13.26% since 1996. The recent increase of 40.01% in March 2024 marks the highest recorded surge, while the lowest decrease was -17.50% in January 2000.

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