Inflation rises to 15.38%
Nigeria has recorded its first increase in a year as the headline inflation rose to 15.38%, up from 15.06% in February 2026. According to the National Bureau of Statistics (NBS), the March 2026 Headline inflation rate showed an increase of 0.32% compared to the February 2026 Headline inflation rate. However, on a month-on-month basis, the […]
Nigeria has recorded its first increase in a year as the headline inflation rose to 15.38%, up from 15.06% in February 2026.
According to the National Bureau of Statistics (NBS), the March 2026 Headline inflation rate showed an increase of 0.32% compared to the February 2026 Headline inflation rate.
However, on a month-on-month basis, the Headline inflation rate in March 2026 was 4.18%, which was 2.17% higher than the rate recorded in February 2026 (2.01%).
“This means that in March 2026, the rate of increase in the average price level was higher than the rate of increase in the average price level in February 2026.
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It added that the Food inflation rate in March 2026 was 14.31% on a year-on-year basis and stood at 25.22% in the same month of the preceding year (March 2025).
But on a month-on-month basis, the Food inflation rate in March 2026 was 4.17%, down 0.52 percentage points from February 2026 (4.69%).
“This can be attributed to the rate of change in the average prices of the following products: yam, ginger (fresh), cassava tuber, groundnuts (shelled), irish potatoes, avenger (ogbono/apon) – dried ungrinded, tomatoes (fresh), cassava flour sold loose, etc.”
It added that the average annual rate of food inflation for the twelve months ending March 2026 over the previous twelve-month average was 18.21%, which was 17.81% points lower compared with the average annual rate of change recorded in March 2025 (36.02%).
“All items less farm produces and energy” or Core inflation, which excludes the prices of vola-tile agricultural produces and energy, it said it stood at 16.21% in March 2026 on a year-on-year basis; a decline of 10.91% points when compared to the 27.12% recorded in March 2025. On a month-on-month basis.
“The Core Inflation rate was 4.03% in March 2026, up by 3.14% points compared to February 2026 (0.89%). The average twelve-month annual inflation rate was 21.09% for the twelve months ending March 2026, which was 6.25% points lower than the 27.34% recorded in March 2025.”