In March 2024, Nigeria experienced a surge in inflation, with the rate reaching 33.20 percent, up from 31.70 percent in February, according to the National Bureau of Statistics (NBS).

The consumer price index (CPI) report released by the bureau revealed that food inflation also rose to 40.01 percent during the same period. This increase represents a 1.50% point rise compared to February 2024 and an 11.16% point increase compared to March 2023.

On a month-on-month basis, the headline inflation rate decreased slightly to 3.02% in March, down from 3.12% in February.

Food prices were identified as a major contributor to the inflation rate, driven by increases in the prices of staple foods such as garri, millet, bread, yam, dried fish, meat, and fruits.

However, there was a slight decrease in food inflation on a month-on-month basis, attributed to lower prices of certain food items.

The report highlighted that Kogi, Kwara, and Akwa Ibom states had the highest food inflation rates on a year-on-year basis, while Abia, Cross River, and Bayelsa had the highest rates on a month-on-month basis. Conversely, Nasarawa, Borno, and Bauchi recorded the slowest rise in food inflation on a year-on-year basis, with Borno, Yobe, and Adamawa showing the slowest increase on a month-on-month basis.