From Victor Osula, Abuja
Nigeria’s inflation rate rose to 24.23% in March from 23.18% recorded in February 2025, the National Bureau of Statistics (NBS) stated in its Consumer Price Index (CPI) report released on Tuesday.
The statistics office said the March 2025 headline inflation rate showed an increase of 1.05% compared to the February 2025 headline inflation rate.
On a month-on-month basis, the headline inflation rate in March 2025 was 3.90%, 1.85% higher than the rate recorded in February 2025 (2.04%).
The NBS said the food inflation rate in March 2025 was 21.79 % on a year-on-year basis.
However, on a month-on-month basis, the Food inflation rate in March 2025 was 2.18%, up by 0.50% compared to February 2025 (1.67%).
The statistics office blamed the rising inflation on the hike in the price of essential staples such as garri, rice, and fresh produce, with the month-on-month data showing food inflation rose to 2.18% up from 1.67% in February.
The NBS also said fresh ginger, yellow garri, Ofada rice, natural honey, crabs, potatoes, plantain flour, and fresh pepper are key contributors to the spike, as prices for these items rose by double digits due to supply issues, seasonal shortages, and soaring transportation costs.
According to NBS data, food inflation varied across states. On a year-on-year basis, Oyo State (34.41%), Kaduna (31.14%) and Kebbi (30.85%) recorded the highest increases, while Bayelsa (9.61%), Adamawa (12.41%), and Akwa Ibom (12.60%) saw slower rises.
Also, the month-on-month data revealed Kaduna (18.85%), Osun (16.49%), and Oyo (14.44%) saw a price surge, while Sokoto (-14.10%), Nasarawa (-9.91%), and Edo (-5.78%) experienced a reduction in food inflation. The NBS linked these drops to localised harvests and state-backed subsidy initiatives.
