Nigeria's Inflation Hits 15.38% in March 2023

The National Bureau of Statistics reported that Nigeria's inflation rate rose to 15.38% in March, compared to 15.06% in February. The Consumer Price Index (CPI) indicated a year-on-year increase of 27.35% for March 2025.

The month-on-month headline index increased by 4.18%, up from 2.01% in February. Food inflation was recorded at 14.31%, a decrease from 25.22% in March 2025, with a month-on-month food index decline of 0.52%, down from 4.69% in the previous month.

The agency attributed the moderation in food inflation to price changes in items such as yam, ginger, cassava tuber, groundnut, Irish potato, ogbono, apon, tomato, and cassava flour sold loose. Core inflation, which excludes volatile agricultural products and energy prices, stood at 16.21% year-on-year in March, down from 27.12% in March 2025, with a month-on-month core index of 4.03%, compared to 0.89% in the preceding month.