Korede Abdullah in Lagos
Nigeria’s inflation rate surged to 24.23 percent in March 2025, according to the latest Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS) on Tuesday.
This marks the first increase since the CPI was rebased in January 2025, following a short period of relative stability.
The new figure represents a rise from the 23.18 percent recorded in February, signaling renewed pressure on consumer prices.
“In March 2025, the headline inflation rate rose to 24.23 percent relative to the February 2025 headline inflation rate of 23.18 percent,” the NBS said in a statement published on X.
The report further revealed that on a month-on-month basis, the headline inflation rate reached 3.90 percent.
Meanwhile, food inflation remained a major contributor, standing at 21.79 percent year-on-year, highlighting the continued strain on household consumption.
This uptick in inflation comes just a month after the Monetary Policy Committee (MPC) held interest rates steady at 27.50 percent.
With the rising inflation figures, economic analysts are now watching closely to see whether the MPC will choose to maintain the current rate or opt for an increase to rein in price growth.
