CPI: How Nigeria’s Inflation hit 24.23 percent March 2025 –NBS

*The National Bureau of Statistics latest Consumer Price Index report indicates the increase in inflation rate was attributed to the continued rise in ‘commodity and energy prices’, pushing up the cost of living across the country

Emmanuel Akosile | ConsumerConnect

​Nigeria’s inflation rate rose to 24.23 percent March 2025, up from 23.18 percent February this year, says the National Bureau of Statistics (NBS).

The NBS latest Consumer Price Index (CPI) report indicated the increase was attributed to the continued rise in commodity and energy prices, which have pushed up the cost of living across the country.

The agency’s report stated: “As of March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 Headline inflation rate of 23.18%

“Looking at the movement, the March 2025 headline inflation rate showed an increase of 1.05% compared to the February 2025 headline inflation rate.”

The NBS also explained: “Furthermore, on a month-on-month basis, the headline inflation rate in March 2025 was 3.90%, which was 1.85% higher than the rate recorded in February 2025 (2.04%).

“This means that in March 2025, the rate of increase in the average price level was higher than the rate of increase in February 2025.

“On a year-on-year basis, in March 2025, the urban inflation rate was 26.12%. On a month-on-month basis, the urban inflation rate was 3.96% in March 2025, up by 1.56% compared to February 2025 (2.40%).”

The Rural inflation rate in March 2025 was 20.89% on a year-on-year basis. On a month-on-month basis, the Rural inflation rate in March 2025 was 3.73%, up by 2.57% compared to February 2025 (1.16%), the report noted.

However, it showed a decline in the food inflation rate, which stood at 21.79 percent year-on-year in March, compared to 23.51 percent in February.

This indicates a slight easing in food-related price pressures, even as overall inflation continues to climb.