Inflation Rises To 33.20% In March 2024 – NBS Says

The National Bureau of Statistics (NBS) on Monday, April 15, 2024, said the inflation of goods and services increased from 31.70% in February 2024 to 33.20% in March 2024.

The Bureau in its Consumer Price Index (CPI) and Inflation Report of March 2024, said it rose by 1.50% point compared to February 2024.

NBS report stated; “In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%.

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.”

The report also noted that on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%.

The NBS explained that this also showed that the headline inflation rate (year-on-year basis) increased in March 2024 when compared to the same month in the preceding year (i.e. March 2023).

It also said that on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

The NBS stated that the record clearly indicated that in March 2024, the rate of increase in the average price level was less than the rate of increase in the average price level in February 2024.