A report by CAPE Economic Research and Consulting has projected that the country’s consumer price index would increase to 32.65 per cent in March from 31.70 in February 2024. According to the document, food and core inflation will surge to 38.2 per cent and 25.13 per cent, due to lingering headwinds. The National Bureau of Statistics (NBS) is to release its March inflation data on April 15.
The report pointed out that the key drivers remained food prices, exchange rate, housing and utility prices, which contributed 4.70 per cent, 0.38 per cent and 0.31 per cent. The report said: “Inflation is expected to further heighten in March 2024.
Our forecast showed that inflationary pressure would heighten as a headline, food and core inflation are expected to rise to 32.65, 38.2 and 25.13 per cent, respectively.”
It also pointed out that price pressures were to remain heightened and above pandemic levels as tightening efforts crystalise. CAPE noted that Nigeria’s Q1’24 output growth would likely be lower than Q4’23 but would remain positive, adding that “forecast shows that inflationary pressure in Nigeria heightened in March 2024, with headline inflation rising to 32.65 per cent.”
