Nigeria's inflation hits 15.38% in March, statistics bureau reports

Nigeria's headline inflation rate surged to 15.38 per cent in March 2026, marking an increase from the 15.06 per cent recorded in February, as revealed by the National Bureau of Statistics' latest Consumer Price Index report, which was released on Wednesday.

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The month-on-month inflation rate experienced a significant jump, soaring to 4.18 per cent in March from 2.01 per cent in February, signifying a rapid escalation of price increases across the economy, according to the NBS.

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The key drivers of inflation during this period were Food and non-alcoholic beverages, Restaurants and accommodation services, and Transport, with these sectors exerting the most pressure on consumer prices, despite a slight easing of food inflation to 14.31 per cent on a year-on-year basis.

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Rural inflation rose to 17.22 per cent, while several states, including Bayelsa, Sokoto, and Bauchi, recorded the highest inflation rates nationwide, highlighting the widespread nature of rising cost pressures in both urban and rural areas.

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The NBS report, which is based on a new CPI base year of 2024 and a weight reference period of 2023, following the completion of the recent rebasing exercise, showed that the Consumer Price Index increased to 135.40 in March 2026, representing a 5.4-point increase from the preceding month.

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The year-on-year headline inflation rate for March 2026 stood at 15.38 per cent, compared to 15.06 per cent and 27.35 per cent recorded in February 2026 and March 2025, respectively, while the month-on-month headline inflation rate in March 2026 was 4.18 per cent, 2.17 per cent higher than the rate recorded in February 2026.

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The main contributors to the headline inflation were Food and non-alcoholic Beverages, Restaurants & Accommodation Services, and Transport, with contributions of 5.55 per cent, 3.26 per cent, and 1.80 per cent, respectively, whereas the least contributors were Recreation, Sport, and Culture, Alcoholic Beverages, Tobacco, and Narcotics, and Insurance and Financial Services, with contributions of 0.00 per cent, 0.02 per cent, and 0.02 per cent, respectively.

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The Food inflation rate in March 2026 was 14.31 per cent on a year-on-year basis, lower than the 25.22 per cent recorded in March 2025, and on a month-on-month basis, the Food Inflation rate in March 2026 was 4.17 per cent, down by 0.52 percentage points from February 2026.

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The decrease in food inflation can be attributed to the rate of change in the average prices of various food items, including Water Yam, Ginger, Cassava Tuber, Groundnuts, Irish Potatoes, Avenger, Tomatoes, and Cassava Flour sold loose, among others.