Ahead of the release of Nigeria’s inflation rate for March, CAPE Economic Research and Consulting has disclosed that the country’s consumer price index would increase to 32.65 per cent from 31.70 in February 2024.
The organisation made the pronouncement in its recent report, analysing inflation trends.
Due to lingering headwinds, the document stated that food and core inflation would surge to 38.2 per cent and 25.13 per cent.
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.
“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 projected.
The information highlighted that price pressures are to remain heightened and above pandemic levels as tightening efforts crystalise.
CAPE noted that Nigeria’s Q1 2024 output growth will likely be lower than Q4 2023 but would remain positive.
“Forecast shows that inflationary pressure in Nigeria heightened in March 2024, with headline inflation rising to 32.65 per cent,” it added.
The National Bureau of Statistics (NBS) is to release its March inflation data on April 15.
