Nigeria’s inflation inches up to 24.23% in March, says NBS

The cost of living in Nigeria continues its upward climb, with the inflation rate rising to 24.23% in March 2025, according to the latest Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS) on Tuesday.

The figure reflects a modest but concerning increase from February’s inflation rate of 23.18%, marking a reversal of recent easing and signaling renewed pressure on household finances across the country.

The latest data suggests a return to inflationary levels last seen at the beginning of the year, when the rate hovered around 24.48% following the bureau’s CPI rebasing. For millions of Nigerians, this translates to higher prices for essential goods and services, from food staples to transportation and healthcare.

READ ALSO: In rebased index, Nigeria’s inflation rate drops to 24.48%

While the NBS did not immediately provide sector-by-sector analysis in the headline summary, the steady rise highlights persistent structural challenges, including currency instability, rising fuel costs, and supply chain disruptions, that continue to drive up prices in Africa’s largest economy.

Analysts say the renewed inflationary pressure could further strain households already grappling with the effects of subsidy removals and foreign exchange reforms, and it may prompt a policy response from the Central Bank of Nigeria in the coming months.

As the government pushes ahead with its economic reforms, many Nigerians are left wondering when the tightening squeeze on their wallets will finally begin to ease.

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