Nigeria’s Inflation Rate Hits 24.23%

In March 2025, the headline inflation rate rose to 24.23 per cent relative to the February 2025 headline inflation rate of 23.18 percent, according to latest data by the National Bureau of Statistics (NBS).

On a month-on-month basis, the headline inflation rate in March 2025 was 3.90 per cent.

On a month-on-month basis, the core inflation rate was 3.73 per cent in March 2025 up by 1.21 per cent compared to February 2025 (2.52 per cent).

Food inflation rate was 21.79 percent year on year in March 2025. The food inflation rate in March 2025 was 21.79 per cent on a year-on-year basis.

However, on a month-on-month basis, the food inflation rate in March 2025 was 2.18 per cent, up by 0.50 per cent compared to February 2025 (1.67 per cent).

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“The all items less farm produces and energy or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 24.43 per cent in March 2025 on a year-on-year basis,” the statistics bureau stated in the latest data.

The food prices hike was highest in Oyo (34.41 per cent), Kaduna (31.14 per cent), Kebbi (30.85 per cent), and Bayelsa (9.61 per cent). Adamawa (12.41 per cent ), and Akwa Ibom (12.60 per cent recorded the slowest rise in Food inflation on Year-on-Year basis.

In March 2025, urban inflation rate was 26.12 per cent. On a month-on-month basis, the urban inflation rate was 3.96 per cent in March 2025, up by 1.56 per cent compared to February 2025 (2.40 per cent).

Conversely, rural inflation rate in March 2025 was 20.89 per cent on a year-on-year basis. On a month-on-month basis, the rural inflation rate in March 2025 was 3.73 per cent, up by 2.57 percent compared to February 2025 (1.16 per cent).