Nigeria's Inflation Climbs to 24.23% Despite Rebase Efforts

Photo Credit: GettyImages

The National Bureau of Statistics (NBS) revealed that Nigeria’s inflation rate surged to 24.23% in March, ending a period of relative stability.

According to the NBS, the Consumer Price Index (CPI) for March, published on Tuesday, showed a rise from February’s 23.18%.

The report highlighted that food inflation reached 21.79% year-on-year in March.

“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.

“The food inflation rate was 21.79 percent year on year in March 2025,” the NBS noted in a statement shared on X on Tuesday.

This marks the first CPI increase since the rebase in January 2025.

In February, the Monetary Policy Committee maintained interest rates at 27.50%.

The MPC now faces a critical decision on whether to keep rates steady or implement a hike.