Nigeria’s Inflation Hits 15.38% in March

Nigeria’s headline inflation rate increased to 15.38 per cent in March 2026, up slightly from 15.06 per cent recorded in February, according to the latest data released by the National Bureau of Statistics (NBS).

The Consumer Price Index (CPI) rose to 135.4 in March 2026, representing a 5.4-point increase from the previous month’s 130.0.

On a year-on-year basis, inflation stood at 15.38 per cent in March 2026, compared with 27.35 per cent recorded in March 2025. The monthly inflation rate was 4.18 per cent, higher than February’s 2.01 per cent by 2.17 percentage points.

The average CPI for the twelve months ending March 2026 rose by 20.05 per cent, an increase from 18.58 per cent in the corresponding period of the previous year.

Urban inflation stood at 14.64 percent year over year, while monthly urban inflation was 3.16 percent, slightly higher than February’s 2.55 percent. The twelve-month average urban inflation rate was 20.04 per cent.

Rural inflation was higher at 17.22 percent year over year, with a sharp monthly increase of 6.73 percent compared to 0.71 percent in February. The twelve-month average rural inflation rate stood at 19.74 per cent.

Food inflation recorded 14.31 percent year over year, down from 25.22 percent in March 2025. However, on a monthly basis, it stood at 4.17 per cent, slightly lower than in February at 4.69 per cent. The moderation was linked to price movements in yams, cassava, potatoes, tomatoes, groundnuts, and other staples.

The NBS noted that the average annual food inflation rate for the twelve months ending March 2026 was 18.21 per cent, significantly lower than the 36.02 per cent recorded a year earlier.

Core inflation, which excludes volatile food and energy prices, stood at 16.21 percent year over year, down from 27.12 percent in March 2025. On a monthly basis, it rose to 4.03 per cent, up from 0.89 per cent in February.

At the state level, the highest headline inflation rates were recorded in Bayelsa (27.37%), Sokoto (26.03%), and Bauchi (23.67%), while Osun (5.25%), Kano (9.85%), and Kaduna (10.38%) recorded the lowest.

On a monthly basis, Zamfara (10.77%), Bauchi (9.37%), and Sokoto (9.05%) recorded the highest increases, while Lagos (1.54%), Akwa Ibom (1.80%), and Rivers (1.89%) recorded the lowest.

Food inflation was highest year-on-year in Bayelsa (33.35%), Sokoto (28.02%), and Adamawa (21.67%), while Kano (4.29%), Oyo (4.86%), and Katsina (7.48%) recorded the slowest increases.

On a monthly basis, Sokoto (11.78%), Niger (8.59%), and Gombe (8.10%) recorded the highest food inflation, while Katsina (0.09%), Ogun (0.77%), and Adamawa (1.30%) recorded the lowest.