Nigeria’s inflation rate surged to 33.2% in March 2024, marking a 1.5% increase from the previous month, according to the latest data released by the National Bureau of Statistics (NBS) on Monday.
The new figure reflects a significant uptick in inflationary pressures, with the headline inflation rate soaring by 11.16% points compared to March 2023 when it stood at 22.04%.
This indicates a substantial year-on-year increase in the average price level in March 2024 compared to the same period in the previous year.
On a month-on-month basis, the headline inflation rate for March 2024 was 3.02%, slightly lower than the 3.12% recorded in February 2024.
Despite the marginal decline, the rate of increase in the average price level remained significant, indicating persistent inflationary trends.
In response to the economic challenges posed by soaring inflation, Organised Labour, represented by the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), has urged the federal government to announce a new minimum wage on Workers’ Day, celebrated on May 1, 2024.
Tommy Etim, the National Vice President of the TUC, emphasized the importance of addressing the plight of workers amidst the prevailing economic hardships exacerbated by government policies.
Etim highlighted the anticipation among workers for the announcement of a new minimum wage, likening Workers’ Day to Christmas Day for workers.
The call for a new minimum wage underscores the pressing need to address the growing concerns of Nigerian workers grappling with the harsh economic realities exacerbated by soaring inflation.
