The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate surged to 24.23% in March 2025, up from 23.18% in February 2025.The figure represents a 1.05 percentage point, marking a month-on-month (MoM) increase.
On a month-on-month basis, inflation rose significantly by 3.90 percent in March, compared to 2.04 percent in February. The sharp increase indicates persistent cost pressures across essential categories and highlights the growing burden on household spending.
According to the report, “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 per cent relative to the February 2025 headline inflation rate of 23.18 per cent. Looking at the movement, the March 2025 Headline inflation rate showed an increase of 1.05 per cent 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 per cent, which was 1.85 per cent higher than the rate recorded in February 2025 (2.04 per cent). 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 identified food and non-alcoholic beverages as the primary drivers of year-on-year inflation rate contributing 9.28 percentage points. This was followed by restaurants and accommodation services (2.99 per cent), transport (2.47 per cent), and housing, water, electricity, gas, and other fuels (1.95 per cent). Other divisions with notable contributions include education, health, and clothing and footwear.
Food inflation rose to 21.79% year-over-year (Y-o-Y), with a month-over-month (MoM) increase of 2.18%, up from 1.67% in February. The surge was driven by higher prices of items like fresh Ginger, Yellow Garri, Natural Honey, plantain flour, and fresh pepper potatoes, and plantain flour. This persistent rise in food costs continues to strain household incomes and consumption patterns.
Core inflation, which excludes volatile agricultural and energy prices, climbed to 24.43% on a YoY basis. On a month-on-month basis, it rose to 3.73% in March, up from 2.52% in February, reflecting a 1.21% increase. Analysts say that the rising inflation signals persistent cost pressures across essential categories and highlights the growing strain on household spending.
