Nigeria’s Inflation Rate Set to Rise in March 2024
As Nigeria braces for the release of its inflation rate for March, CAPE Economic Research and Consulting has predicted a significant increase. According to their recent report, the country’s consumer price index is expected to rise to 32.65 per cent, up from 31.70 per cent in February 2024.
The report highlights that both food and core inflation are projected to surge, reaching 38.2 per cent and 25.13 per cent, respectively. Key drivers of this inflation forecast include food prices, exchange rates, housing, and utility prices.
“Inflation is expected to further heighten in March 2024,” the report states. “Our forecast indicates that both headline and core inflation will rise, with food inflation also on the rise.”
Price pressures are expected to remain elevated, surpassing pre-pandemic levels as tightening efforts take effect. Despite this, Nigeria’s output growth for Q1 2024 is expected to be lower than Q4 2023 but will remain positive.
The National Bureau of Statistics is set to release the official March inflation data on April 15. This comes as the US recently experienced a surge in inflation, reaching 3.5 per cent in March.
Stay tuned for more updates on Nigeria’s economic landscape as inflation continues to be a pressing issue for the country.
