Nigeria’s inflation rate rose to 24.23% in March 2025, according to the latest data released by the National Bureau of Statistics (NBS), marking the first increase since the Consumer Price Index (CPI) was rebased in January.
The figure represents a jump from 23.18% recorded in February, signaling renewed upward pressure on consumer prices after months of relative stability.
According to the NBS Consumer Price Index report published on Tuesday, food inflation also rose, reaching 21.79% year-on-year in March. On a month-to-month basis, headline inflation climbed by 3.90%.
“In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 rate of 23.18%,” the NBS said in a statement shared on X.
This surge comes just a month after the Central Bank’s Monetary Policy Committee (MPC) held interest rates steady at 27.50% in February. The rising inflation may now prompt the MPC to reassess its stance on interest rates at its next meeting.
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