NBS Report: Nigeria Inflation Worsens In March Hits 24.23%

NBS Report: Nigeria Inflation Worsens In March Hits 24.23%

The National Bureau of Statistics (NBS) has reported a further rise in Nigeria’s headline inflation, which reached 24.23% in March 2025. This data was revealed in the NBS’s latest Consumer Price Index and Inflation Report released in Abuja.

According to the report, the inflation figure for March reflects a 1.05% increase from the 23.18% recorded in February 2025. On a month-on-month basis, inflation also surged, reaching 3.90%—a 1.85% increase from February’s 2.04%. This suggests a faster rate of increase in average prices in March compared to the previous month….READ MORE….

The report attributed the uptick in inflation to higher prices across various categories of goods and services, including food and non-alcoholic beverages, transportation, accommodation, electricity, gas, fuel, housing, education, and healthcare. Other contributing sectors include clothing and footwear, information and communication, household maintenance, personal care, insurance, financial services, recreation, and tobacco products.

Food inflation in particular remained a key driver, with a year-on-year rate of 21.79% in March. On a monthly basis, food inflation rose by 2.18%, up from 1.67% in February. The report links this increase to rising prices of staples such as fresh ginger, yellow garri, Ofada rice, natural honey, crabs, plantain flour, potatoes, fresh pepper, and periwinkle.

Core inflation—which excludes volatile items like food and energy—also climbed to 24.43% year-on-year in March. Month-on-month, core inflation rose by 3.73%, compared to 2.52% in February.

The farm produce index rose to 2.64% in March, up from 1.77% in February, while energy inflation jumped to 9.21%, reversing the -0.99% decline recorded the previous month.

Service-related inflation stood at 3.34% in March, a slight dip from February’s 3.38%, whereas inflation for goods rose sharply to 3.89%, from 1.29% in the previous month.

Regionally, the urban inflation rate reached 26.12% year-on-year, and 3.96% month-on-month—up by 1.56% from February’s 2.40%. Meanwhile, rural inflation stood at 20.89% year-on-year and 3.73% month-on-month, marking a 2.57% increase from February’s 1.16%.