Ahead of the release of Nigeria’s inflation rate for March, CAPE Economic Research and Consulting says the country’s consumer price index would increase to 32.65 per cent from 31.70 in February 2024.

CAPE Economic Research disclosed this in its recent report analysing inflation trends.

Due to lingering headwinds, the report stated that food and core inflation would surge to 38.2 per cent and 25.13 per cent, respectively.

The report pointed out that the key drivers of the headline inflation forecast remained food prices, exchange rate, housing, and utility prices, which contributed 4.70 per cent, 0.38 per cent, and 0.31 per cent, respectively.

“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.”

The report highlighted that price pressures are expected to remain heightened and above pandemic levels as tightening efforts crystalise.

CAPE noted that Nigeria’s Q1 2024 output growth is expected to be lower than Q4 2023 but will 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 expected to release its March inflation data on April 15.

Recall that the US inflation surged to 3.5 per cent in March.