Nigeria’s headline inflation rate increased to 15.38 percent in March 2026, up from 15.06 percent recorded in February, according to the latest Consumer Price Index report released by the National Bureau of Statistics.
The report shows renewed pressure on consumer prices, with the month on month inflation rate rising sharply to 4.18 percent in March from 2.01 percent in February, indicating a faster pace of price increases across the economy.
According to the data, the major drivers of inflation during the period were Food and non alcoholic beverages, Restaurants and accommodation services, and Transport. Despite this, food inflation recorded a slight easing on a year on year basis, dropping to 14.31 percent compared to significantly higher levels in the previous year.
The statistics agency also highlighted rising cost pressures in both urban and rural areas. Rural inflation climbed to 17.22 percent, with states such as Bayelsa, Sokoto, and Bauchi recording the highest inflation rates nationwide.
The report follows the completion of a rebasing exercise, which introduced a new CPI base year of 2024 and a weight reference period of 2023. As a result, the Consumer Price Index rose to 135.40 in March 2026, representing a notable increase from the previous month.
A breakdown of the inflation contributors showed Food and non alcoholic beverages accounting for 5.55 percent, Restaurants and accommodation services 3.26 percent, and Transport 1.80 percent. Meanwhile, the least contributing divisions included Recreation sport and culture, Alcoholic beverages tobacco and narcotics, and Insurance and financial services.
On a month on month basis, food inflation stood at 4.17 percent in March, slightly lower than the 4.69 percent recorded in February. This moderation was attributed to ces in the prices of key food items such as yam, ginger, cassava, groundnuts, potatoes, ogbono, tomatoes, and cassava flour.
The latest figures underscore ongoing challenges in managing price ility, even as some sectors show early signs of moderation.
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