Ondo, Bayelsa, and Lagos states recorded the highest inflation rates in March 2023, according to the latest data released by the National Bureau of Statistics (NBS) on Saturday. Nationally, Nigeria’s headline inflation rose to 22.04 percent in March, up from 21.91 percent in February—a 0.13‑percentage‑point increase.
At the sub‑national level, the year‑on‑year inflation rate was highest in Ondo (25.38 percent), Bayelsa (24.80 percent) and Lagos (24.66 percent). In contrast, Borno, Cross River/Sokoto and Benue recorded the lowest headline inflation, at 19.18 percent, 19.24 percent and 20.01 percent respectively. On a month‑on‑month basis, the sharpest rises in March occurred in Bayelsa (2.58 percent), Nasarawa (2.54 percent) and Lagos (2.41 percent), while Anambra (1.03 percent), Ebonyi (1.14 percent) and Zamfara (1.27 percent) experienced the slowest increases.
Food inflation also varied widely. Kwara State led with a 28.84 percent year‑on‑year increase, followed by Ondo at 28.22 percent and Lagos at 27.92 percent. The slowest food‑price rises were recorded in Sokoto (18.99 percent), Zamfara (20.75 percent) and Plateau (21.83 percent). Nationwide, food inflation in March 2023 reached 24.45 percent year‑on‑year, 7.25 percentage points higher than the 17.20 percent recorded in March 2022. The NBS attributed this surge to higher prices for oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.
Some experts had anticipated a decline in March’s inflation rate, basing their forecasts on exchange‑rate appreciation, base‑effect adjustments and reduced transportation costs.
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