Nigeria’s Inflation Rose to 24.23% in March 2025 – NBS

Nigeria’s headline inflation rose to 24.23%in March 2025, up from 23.18% recorded in February, according to the latest data released by the National Bureau of Statistics.

The figure represents a 1.05 percentage point increase, marking a sustained rise in the general price level across the country.

On a month-on-month basis, inflation rose sharply by 3.90% in March, compared to 2.04% in February, indicating that the average price level increased at a faster pace.

The report read, “The Consumer Price Index rose to 117.34 in March 2025, reflecting a 4.40-point increase from the preceding month.

“In March 2025, the Headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%. Looking at the movement, the March 2025 Headline inflation rate showed an increase of 1.05% compared to the February 2025 Headline inflation rate.

“Furthermore, on a month-on-month basis, the Headline inflation rate in March 2025 was 3.90%, which was 1.85% higher than the rate recorded in February 2025 (2.04%). This means that in March 2025, the rate of increase in the average price level is higher than the rate of increase in the average price level in February 2025.”

The statistics office noted that the major drivers of the year-on-year inflation rate were food and non-alcoholic beverages, which contributed 9.28 percentage points; followed by restaurants and accommodation services (2.99%), transport (2.47%), and housing, water, electricity, gas, and other fuels (1.95%).

Other divisions with notable contributions include education, health, and clothing and footwear.

Food inflation stood at 21.79% in March, up from 20.01%in February.

On a monthly basis, food prices rose by 2.18%, driven by price increases in fresh ginger, yellow garri, Ofada rice, honey, fresh pepper, potatoes, and plantain flour. The persistent rise in food prices continues to weigh heavily on household incomes and consumption patterns.

Core inflation, which excludes prices of volatile agricultural produce and energy, stood at 24.43% year-on-year, with a month-on-month increase of 3.73%, compared to 2.52% recorded in February.

The core index reflects the broader impact of inflation on non-food goods and services.

Inflation was higher in urban areas, where the year-on-year rate was 26.12%, compared to 20.89% in rural areas.

On a monthly basis, urban inflation rose by 3.96%, while rural inflation increased by 3.73%. The disparity highlights the greater vulnerability of urban consumers to price shocks, particularly in housing, transport, and service-related costs.

Among the states, Kaduna recorded the highest year-on-year inflation at 33.33%, followed by Osun at 32.08% and Kebbi at 30.74%.

The lowest rates were recorded in Akwa Ibom (12.81%), Bayelsa (14.02%), and Sokoto (14.83%). On a monthly basis, Kaduna again led with the highest rise at 18.85%, while Sokoto, Nasarawa, and Kwara recorded declines.

Food inflation was highest in Oyo at 34.41%, followed by Kaduna (31.14%) and Kebbi (30.85%), while the slowest food price increases were in Bayelsa (9.61 per cent), Adamawa (12.41 per cent), and Akwa Ibom (12.60%).