Nigeria’s Inflation Jumps to 24.23% in March
Nigeria’s inflation rate jumped to 24.23% in March 2025, up from 23.18% in February, according to the National Bureau of Statistics (NBS). The 1.05% rise highlights the ongoing squeeze on households already struggling with rising living costs.
The latest NBS data shows widespread price increases across both urban and rural areas, with food costs being a major driver. On a monthly basis, inflation surged by 3.90% in March—up sharply from February’s 2.04%—signaling a rapid escalation in average prices.
Urban inflation reached 26.12% year-on-year, while monthly urban inflation climbed to 3.96%, compared to 2.40% in February. Rural areas also saw significant increases, with year-on-year inflation at 20.89% and a month-on-month rise of 3.73%, up from 1.16%.
Food inflation rose to 21.79% year-on-year, with a 2.18% month-on-month increase. Key contributors to the spike include price hikes in essential items like fresh ginger, yellow garri, Ofada rice, honey, crabs, potatoes, plantain flour, periwinkle, and fresh pepper.
Analysts warn that the continuous inflation surge may further weaken purchasing power, worsen p0verty, and hinder the Central Bank of Nigeria’s efforts to stabilise the naira and spur economic growth.
