Nigeria’s inflation rose to 24.23% in March 2025 – NBS
Nigeria’s inflation rose to 24.23% in March 2025 – NBS
The National Bureau of Statistics (NBS) has disclosed that Nigeria’s headline inflation rose to 24.23 per cent in March 2025, up from 23.18 per cent recorded in February.
The NBS which made the disclosure according to its latest data also said that the figure represents a 1.05 percentage point increase.
This, it added, marked a sustained rise in the general price level across the country.
On a month-on-month basis, inflation rose sharply by 3.90 per cent in March, compared to 2.04 per cent in February, indicating that the average price level increased at a faster pace.
“The Consumer Price Index rose to 117.34 in March 2025, reflecting a 4.40-point increase from the preceding month,” the record read.
“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.”
According to the statistics office, the main drivers of the year-on-year inflation rate were, first and foremost, food and non-alcoholic beverages, contributing 9.28 percentage points. This was followed by restaurants and accommodation services (2.99%), then transport (2.47%), and finally housing, water, electricity, gas, and other fuels (1.95%).
Other divisions with notable contributions include education, health, and clothing and footwear.
Food inflation stood at 21.79 per cent in March, up from 20.01 per cent in February.
On a monthly basis, food prices rose by 2.18 per cent, driven by price increases in fresh ginger, yellow garri, Ofada rice, honey, fresh pepper, potatoes, and plantain flour. The persistent rise in food prices continues to weigh heavily on household incomes and consumption patterns.
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Nigeria’s inflation rose to 24.23% in March 2025 – NBS