FX.co ★ Nigeria Faces 40.01% Food Inflation in March 2024, Up from 37.92% in February

In Nigeria, the latest data update as of 15 April 2024 reveals a significant increase in food inflation for March 2024. The indicator has surged to 40.01%, compared to 37.92% in February 2024. This marks a concerning rise within just one month, pointing to the ongoing challenges faced by the country in managing food prices for its population. The comparison on a year-over-year basis further emphasizes the strain felt by consumers, highlighting the persistent inflationary pressures impacting the cost of essential goods in Nigeria. Authorities and policymakers may need to take swift actions to address the growing inflation concerns and ensure food affordability for the citizens.