Nigeria’s inflation rises to 15.38% in March

Nigeria’s inflation rate rose slightly to 15.38 per cent in March 2026, reflecting renewed monthly price pressures despite a broader downward trend over the past year, data released on Wednesday by the National Bureau of Statistics (NBS) shows.

According to the statistics office, the latest figure is higher than the 15.06 per cent recorded in February, signalling a marginal uptick in inflation after months of steady decline.

However, compared to March 2025, when inflation stood at 27.35 per cent, the current rate indicates a significant easing in year-on-year terms.

While the annual figure suggests moderation, a closer look at monthly data tells a different story.

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On a month-on-month basis, inflation surged to 4.18 per cent in March, more than double the 2.01 per cent recorded in February. This indicates that the general price level rose more sharply within a single month.

Consistent with this trend, the Consumer Price Index (CPI), which measures changes in the average price of goods and services, rose to 135.4 in March from 130.0 the previous month.

Underlying pressures

Further breakdown of the data shows that core inflation, which excludes farm produce and energy, stood at 16.21 per cent year-on-year in March.

Although this is lower than the 27.12 per cent recorded in the same period last year, it remains slightly above the headline rate, suggesting that underlying price pressures persist across the economy.

On a monthly basis, core inflation rose by 4.03 per cent, up sharply from 0.89 per cent in February.

Rural areas face higher inflation

The data also reveal a widening gap between urban and rural inflation.

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Urban inflation stood at 14.64 per cent year-on-year, while rural inflation was higher at 17.22 per cent, indicating that price pressures remain more intense in rural areas.

On a month-on-month basis, rural inflation rose significantly to 6.73 per cent, compared to 3.16 per cent recorded in urban centres.

The NBS figures suggest that although inflation has slowed considerably compared to last year, the recent rise in monthly prices points to lingering cost pressures.

For households, this means that while inflation appears to be easing on paper, the day-to-day reality of rising prices is still very much present.