Breaking News: Nigeria’s Inflation Rate Rises to 24.23%: Prices Surge Again After Months of Respite — NBS
After months of relative stability, Nigeria's inflation rate has surged again, hitting 24.23 percent in March 2025, according to fresh data released by the National Bureau of Statistics (NBS) on Tuesday.
The increase marks a sharp jump from February’s rate of 23.18 percent, signalling renewed pressure on consumer prices across the country. The latest Consumer Price Index (CPI) report from the NBS confirms this is the first rise in inflation since the CPI was rebased in January 2025.
In its official statement shared on social media platform X, the NBS stated:
“In March 2025, the headline inflation rate rose to 24.23 percent relative to the February 2025 headline inflation rate of 23.18 percent. On a month-on-month basis, the headline inflation rate in March 2025 was 3.90 percent.”
Food inflation — a major contributor to the overall index — also recorded a year-on-year rate of 21.79 percent, underlining the persistent impact of rising food prices on household budgets.
Analysts say the new figures may put pressure on the Central Bank of Nigeria’s Monetary Policy Committee (MPC), which chose to maintain interest rates at 27.50 percent in February. With inflation climbing, all eyes are now on the MPC’s next move: whether to continue holding rates steady or raise them in a bid to rein in the surging prices.
The rising inflation is expected to affect key sectors, with ripple effects on everything from food and transportation to rent and healthcare — a worrisome trend for millions of Nigerians already struggling with the high cost of living.
Economic watchers warn that unless swift policy actions are taken, the country may face a tougher inflationary environment in the coming months.