Nigeria’s inflation jumps to 24.23%

As anticipated by economists, Nigeria’s headline inflation rate climbed to 24.23% in March 2025, according to data released by the National Bureau of Statistics (NBS).

The inflation rate rose from 23.18% in February 2025, driven by significant increases in commodity and energy costs over recent weeks.

In its March 2025 Consumer Price Index (CPI) report, published on Tuesday, the NBS indicated that the country’s food inflation rate stood at 21.79% year-on-year for the same period. This marked a decrease compared to the 23.51% food inflation rate recorded in February 2025.

Economists had foreseen this uptick, citing the impact of a petrol price conflict between Dangote Refinery and the state-owned NNPCL. The dispute led to the suspension of a naira-for-crude agreement and a subsequent rise in fuel prices.

Observers also noted that the slight reduction in food prices witnessed in February was unsustainable, attributing it to a temporary federal government import intervention.

The surge in food and commodity prices has exacerbated what many describe as Nigeria’s worst cost-of-living crisis since independence. Economists link the situation to President Bola Tinubu’s policies, including the removal of the petrol subsidy and the unification of foreign exchange rates.