ABUJA – Nigeria’s annual inflation rate climbed sharply to 24.23 percent in March 2025. The National Bureau of Statistics (NBS) announced the figure Tuesday. This rise breaks a period of steadier prices, up from 23.18 percent in February.
The new data comes from the latest Consumer Price Index (CPI) report. It shows increasing price pressures on households and the economy.
Key Figures Show Increase
Food inflation also rose significantly. Prices for food jumped 21.79 percent compared to March last year, the NBS reported.
“In March 2025, the headline inflation rate rose to 24.23 percent relative to the February 2025 headline inflation rate of 23.18 percent,” the official NBS statement confirmed.
Prices increased 3.90 percent between February and March alone. This marks the first headline inflation increase since Nigeria updated its CPI calculation base in January 2025.
Central Bank Considers Options
This rising inflation puts the spotlight on Nigeria’s Monetary Policy Committee (MPC). The committee must decide on interest rates soon.
The MPC kept its main interest rate at 27.50 percent during its last meeting in February. Now, committee members face pressure to potentially raise rates to combat the accelerating inflation
Abiodun Labi
