Nigeria’s inflation rate has climbed to 15.38 percent in March, up from 15.06 percent in February, according to the National Bureau of Statistics, marking the first increase in months after a period of slight easing.
At first glance, the numbers still look better than where things stood last year. But the real signal is in how quickly prices are rising again within a short time. Month-on-month inflation more than doubled, showing that the slowdown seen earlier may not be holding.
The pressure is not coming from one place. Food is still a major driver, transport costs are rising again, and even basic services like accommodation are adding to the strain. When these move together, it spreads across everything else.
What stands out is how uneven the impact is. Rural areas are seeing sharper increases than urban centres, which suggests that supply issues and higher transport costs are hitting those areas harder. That gap is not new, but it is widening again.
There is also a clear shift beneath the surface. Food inflation is lower compared to last year, but it is picking up again in the short term. At the same time, core inflation is rising, which means the pressure is no longer just about food or fuel, it is spreading into other parts of the economy.
This is where it starts to matter more. When inflation broadens like this, it becomes harder to control because it is no longer tied to one or two factors.
The slight increase from 15.06 to 15.38 may not look significant on its own, but it breaks the earlier trend and suggests that price stability is still fragile. With fuel costs, exchange rate pressure, and global tensions still in play, the idea that inflation will steadily ease from here is looking less certain.
