 has revealed that Nigeria’s inflation rate rose to 24.23 percent in March, following several months of relative stability.){kind=link}
The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate rose to 24.23 percent in March, following several months of relative stability.
The NBS disclosed this increase in its Consumer Price Index (CPI) report for March, which was made public on Tuesday.
This new figure marks a rise from the 23.18 percent inflation rate recorded in February.
The report also highlighted that food inflation for March stood at 21.79 percent when compared to the same period last year.
“In March 2025, the headline inflation rate rose to 24.23 percent relative to the February 2025 headline inflation rate of 23.18 percent.
“On a month-on-month basis, the headline inflation rate in March 2025 was 3.90 percent.
“The food inflation rate was 21.79 percent year on year in March 2025,” the NBS stated in a post on X on Tuesday.
This marks the first time Nigeria’s CPI has risen since its rebase in January 2025.
As a reminder, in February, the Monetary Policy Committee (MPC) had decided to keep interest rates unchanged at 27.50 percent.
Now, the MPC will need to determine whether to maintain the current rate or increase it further.