Nigeria’s inflation rate rises to 24.23%, says NBS

The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate increased to 24.23 percent in March after months of respite.

According to the NBS, the Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, increased to 24.23% in March compared to 23.18% in February.

The report added that the food inflation rate stood at 21.79% in March on a year-on-year basis.

“In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%.

“On a month-on-month basis, the headline inflation rate in March 2025 was 3.90%.

“The food inflation rate was 21.79% year on year in March 2025,” NBS stated in a statement published on X on Tuesday.

This is the first time Nigeria’s CPI increased after its rebase in January 2025.

Recall that in February, the Monetary Policy Committee paused interest rates at 27.50%.

This means that the MPC will need to decide whether to further hold interest rates or increase them.