Nigeria's Inflation Hits 15.38% Amid Rising Costs

In March 2026, Nigeria's inflation rate increased to 15.38%, up from 15.06% in February 2026, as reported by the National Bureau of Statistics. This rise reflects a 0.32 percentage point increase year-on-year and highlights significant price pressures on households.

The Consumer Price Index rose to 135.4 points in March, indicating a sharp acceleration in inflation. Food and non-alcoholic beverages were the largest contributors, accounting for 5.55 percentage points of the headline figure, followed by restaurant and accommodation services at 3.26 percentage points, and transport at 1.80 percentage points.

Urban inflation stood at 14.64%, while rural inflation was significantly higher at 17.22%. Food inflation reached 14.31% year-on-year, with a monthly increase of 4.17%.

The average inflation rate for the 12 months ending March 2026 was 20.05%, suggesting sustained inflationary pressures. Variations in inflation rates across states were noted, with Bayelsa recording the highest at 27.37% and Osun the lowest at 5.25%.