Worth explosion: Nigeria’s inflation soars to 24.23% in March

Nigeria’s inflation disaster deepened in March 2025 because the headline inflation fee surged to 24.23%, up from 23.18% recorded in February.

This displays a 1.05% improve that additional squeezes households battling with hovering dwelling prices.

The most recent figures from the Nationwide Bureau of Statistics (NBS) paint a grim image for Africa’s largest financial system, displaying sharp value will increase throughout each city and rural areas, with meals gadgets main the inflationary surge. Recipe e book

On a month-on-month foundation, inflation climbed by 3.90% in March—an alarming 1.85% leap from the two.04% recorded in February—signalling a faster tempo within the rise of common costs throughout the house of simply 30 days.

City dwellers bore the brunt of the strain, with city inflation hitting 26.12% year-on-year. Month-on-month, city inflation rose by 3.96%, a rise of 1.56% over February’s 2.40%, as metropolis residents continued to grapple with skyrocketing prices of primary items and companies.

In rural areas, the state of affairs was additionally dire. Yr-on-year rural inflation stood at 20.89% in March, whereas month-on-month inflation soared to three.73%—a 2.57% leap from February’s 1.16%. This means a pointy rise in the price of dwelling even in much less urbanised components of the nation.

Meals costs, a crucial inflation part affecting thousands and thousands of Nigerians, climbed by 21.79% year-on-year. The month-on-month improve stood at 2.18%, 0.50% increased than February’s 1.67%.

Key drivers of this surge embody value hikes in staple and broadly consumed gadgets akin to contemporary ginger, yellow garri, Ofada rice, pure honey, crabs, potatoes, plantain flour, periwinkle, and contemporary pepper.

Financial analysts warn that the persistent rise in inflation may additional erode buying energy, deepen poverty ranges, and complicate efforts by the Central Bank of Nigeria to stabilise the naira and stimulate development.

With inflationary pressures displaying no indicators of abating, economists are calling for pressing coverage interventions, together with measures to stabilise meals provide chains, bolster agricultural productiveness, and curb the volatility in international alternate markets that continues to gas import-driven inflation.