The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate increased to 24.23% in March 2025, up from 23.18% in February. This marks a return to levels observed at the beginning of the year, following the Consumer Price Index (CPI) rebasing exercise. The rise is primarily attributed to higher prices in food and non-alcoholic beverages.
In its latest Consumer Price Index report, the NBS noted that the March 2025 inflation rate reflects a significant increase compared to the 23.18% recorded in February. The report highlighted that food inflation continues to be a major contributor to the overall inflationary trend.
The recent uptick in inflation follows a period of decline. In February 2025, Nigeria’s inflation rate had eased to 23.18%, down from 24.48% in January. This decrease was attributed to base-year adjustments and a notable reduction in the prices of key food items such as yam tubers, potatoes, soya beans, maize flour, cassava, and dried Bambara beans.
The NBS had previously conducted a rebasing of the CPI, updating the reference basket and comparison period from 2009 to 2024. This adjustment resulted in a statistical alteration that lowered the reported inflation rate from 34.80% in December 2024 to 24.48% in January 2025.
