Breaking News: Nigeria’s Inflation Rate Surges To 33.2%

Breaking News: Nigeria’s Inflation Rate Surges To 33.2%

The latest data released by the National Bureau of Statistics (NBS) on Monday reveals a significant jump in Nigeria’s inflation rate to 33.2% for the month of March 2024. This marks a notable increase of 1.5% from the 32.7% recorded in February 2024……READ ALSO Breaking News: US Dares Iran, Declares Support For Israel As War Escalates

On a year-on-year basis, the headline inflation rate witnessed an 11.16% points surge compared to March 2023, indicating a substantial acceleration in inflationary pressures over the past year.

Additionally, on a month-on-month basis, March 2024 saw a headline inflation rate of 3.02%, slightly lower than the 3.12% recorded in February 2024. This suggests a moderated pace of increase in the average price level compared to the previous month.

Labour Urges FG to Announce New Minimum Wage on Workers’ Day

Ahead of the 2024 Workers’ Day celebrations on May 1st, Organised Labour, comprising the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), has called on the federal government to announce a new minimum wage.

Tommy Etim, the National Vice President of the TUC, emphasized this expectation, citing the need for timely intervention amidst policies that have exacerbated poverty levels in the country.

Workers across Nigeria eagerly anticipate this announcement, considering Workers’ Day as a momentous occasion akin to Christmas Day.

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