A continued increase in food prices pushed Nigeria’s headline inflation rate to 24.23% in March 2025, up from 23.18% recorded in February 2025, according to the latest inflation report released on Tuesday by the National Bureau of Statistics (NBS).
The data shows a 1.05% increase in the headline inflation rate compared to the previous month.On a month-on-month basis, inflation stood at 3.90% in March 2025, a difference of 1.85% higher than the 2.04% recorded in February.According to the NBS, “This means that in March 2025, the rate of increase in the average price level was higher than that recorded in February 2025.
”The rise in inflation was largely driven by surging food prices, which increased by 21.79% year-on-year and 2.18% month-on-month, indicating a 0.50% rise compared to February’s 1.67%.
The report attributed the spike in food prices to increases in the average prices of ginger (fresh), yellow garri, Ofada rice (broken), natural honey, crabs, potatoes, plantain flour, periwinkle (unshelled), and fresh pepper, among others.Core inflation, which excludes the prices of volatile agricultural products and energy, rose to 24.43% year-on-year in March.
On a month-on-month basis, the core inflation rate stood at 3.73%, a 1.21% increase from February’s 2.52%.Inflation figures varied significantly across states.
On a year-on-year basis, the highest all-items inflation rates were recorded in Kaduna (33.33%), Osun (32.08%), and Kebbi (30.74%). The lowest rates were seen in Akwa Ibom (12.81%), Bayelsa (14.02%), and Sokoto (14.83%).
