Nigeria’s inflation rate rose slightly to 15.38 per cent in March from 15.06 per cent recorded in February, as a sharp jump in prices within the month heightened concerns about the cost of living.
The latest figures were released by the National Bureau of Statistics on Wednesday.
Despite the uptick, inflation remains significantly lower than the 27.35 per cent recorded in March 2025, pointing to an overall easing of price pressures over the past year.
However, the monthly trend tells a different story as prices increased at a much faster pace in March, with inflation rising by 4.18 per cent, more than double the 2.01 per cent recorded in February.
This suggests that while inflation has slowed on a yearly basis, Nigerians felt a sharp rise in the cost of goods and services within a short period.
Food prices followed the same pattern as food inflation dropped to 14.31 per cent year-on-year from 25.22 per cent a year earlier.
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On a month-to-month basis, food prices still rose by 4.17 per cent, driven by increases in staples such as yam, cassava, tomatoes, ginger, potatoes and groundnuts.
Core inflation, which excludes farm produce and energy, also declined over the year to 16.21 per cent.
But it surged to 4.03 per cent in March on a monthly basis, showing that price increases are spreading beyond food.
The impact is more pronounced in rural areas as urban inflation stood at 14.64 per cent year-on-year, while rural inflation was higher at 17.22 per cent.
On a monthly basis, rural prices jumped sharply by 6.73 per cent in March, compared to just 0.71 per cent in February, highlighting the growing pressure on households outside major cities.
Inflation levels also varied across states as Bayelsa, Sokoto and Bauchi recorded the highest rates, while Osun, Kano and Kaduna posted the lowest.
According to the NBS data, food inflation was highest in Bayelsa, Sokoto and Adamawa, and lowest in Kano, Oyo and Katsina.
Food and non-alcoholic beverages remained the biggest drivers of inflation, followed by restaurant and accommodation services, transport, and health.
While inflation has slowed compared to last year, the sharp rise in prices in March shows that pressure on household budgets remains strong and could persist in the months ahead.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
