Nigeria’s inflation rate has surged to 24.23 percent in March 2025, marking the first increase since the Consumer Price Index (CPI) was rebased in January.
This was revealed by the National Bureau of Statistics (NBS) in its latest CPI report released on Tuesday.
The figure reflects a rise from the 23.18 percent recorded in February, signaling growing inflationary pressure despite earlier signs of relief.
“In March 2025, the headline inflation rose to 24.23 percent relative to the February 2025 headline inflation rate of 23.18 percent,” the NBS stated.
The report also highlighted a sharp month-on-month increase in the inflation rate.
“On a month-on-month basis, the headline inflation in March 2025 was 3.90 percent,” it added.
Food inflation also remained a major concern, with the rate climbing to 21.79 percent year-on-year in March.
“The food inflation rate was 21.79 percent year on year in March 2025,” the NBS further disclosed in a statement posted on X (formerly Twitter).
This increase comes just a month after the Central Bank’s Monetary Policy Committee (MPC) maintained interest rates at 27.50 percent in February. With inflation on the rise, the MPC may now face renewed pressure to either hold or raise interest rates at its next meeting.
