The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate increased to 24.23 percent in March after months of respite.
The NBS announced the increase in its Consumer Price Index (CPI) for March, released on Tuesday.
The new rate indicates an upward movement from the 23.18 percent reported in February.
The report added that the food inflation rate stood at 21.79 percent in March on a year-on-year basis.
“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,” 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 percent.
This means that the MPC will need to decide whether to further hold interest rates or increase them.
