Each time the news of how Nigeria’s inflation rate keeps rising filters in, it leaves the people disturbed.
What is more disturbing is that with several measures implemented by the federal government to tame inflation, it has continued to rise.
An image showing how inflation rate in Nigeria keeps risingThe naira is regaining its lost value against the dollar. The stock market is not doing too bad and the economy is improving gradually.
Yet, inflation has decided to tabernacle here and continue to be a source of headache to the people and the government.
The way inflation rate in Nigeria has continued on an upward slope, defiling every attempt to tame it is worrisome.
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Inflation Rate Surged By 1.5% In March
In its latest report for March 2024, the National Bureau of Statistics (NBS) revealed that inflation rate rose to 33.2%.
The NBS data revealed that the nation’s inflation rose from 32.7% in February 2024 to settle at 33.2% in March of the same year.
This information shows that inflation increased by 1.5% between February and March.
Economic Hardship Still Prevalent In Nigeria
Although, the Nigerian government is doing a lot to resolve challenges like elevated food prices, food insecurity, rise in exchange rate among others, these challenges may have contributed to the upward rise of inflation in Nigeria.
These factors also inflict pain and increase the economic hardship faced by consumers whose purchasing power have been affected by inflation.
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The uptick in inflation could further exacerbate the cost of living for many Nigerians, particularly those grappling with economic hardship.
Although, the Vice-president Kashim Shettima has said Nigerians will have a reason to celebrate because the economy will soon pick-up, this NBS report puts a big hole in that assurance made by Shettima.
