The National Bureau of Statistics (NBS) has reported a fresh surge in Nigeria’s inflation rate, rising to 24.23% in March 2025, marking the first increase since the country’s Consumer Price Index (CPI) rebase in January.
The latest CPI report, released on Tuesday via the bureau’s official X (formerly Twitter) handle, reveals a significant jump from the 23.18% inflation rate recorded in February.
“In March 2025, the headline inflation rate rose to 24.23% compared to 23.18% in February 2025. On a month-on-month basis, the rate stood at 3.90%,” the report stated.
Food Inflation Remains a Concern
The food inflation rate, a major component affecting daily living, was recorded at 21.79% year-on-year in March 2025, reflecting the continued pressure on the cost of essential commodities.
This persistent rise is being felt across homes and markets, with consumers paying more for basic staples like rice, yam, oil, and bread.
Implications for Monetary Policy
This is the first time inflation is rising following the CPI rebasing exercise earlier in the year, and it puts additional pressure on the Monetary Policy Committee (MPC) of the Central Bank of Nigeria.
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In February, the MPC opted to pause interest rates at 27.50%, but with inflation climbing once again, economists and analysts are speculating that a further interest rate hike may now be necessary to tame inflationary pressures.
Looking Ahead
With rising food prices, a weakened naira, and ongoing economic reforms, many Nigerians are grappling with the cost-of-living crisis. The latest inflation figures are likely to influence government spending, investment strategies, and public sentiment ahead of further economic policy decisions.
Stay with Naija Blog Daily for more updates on Nigeria’s inflation trends, CBN monetary decisions, and their impact on your daily life.
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