Following months of stability, Nigeria’s inflation rate rose to 24.23 percent in March, according to the National Bureau of Statistics (NBS).
On Tuesday, the NBS declared that its Consumer Price Index (CPI) for March had increased.
Compared to the 23.18 percent recorded in February, the current percentage shows an increase.
According to the statistics, the annual rate of food inflation in March was 21.79 percent.
“In March 2025, the headline inflation rate rose to 24.23 percent relative to the February 2025 headline inflation rate of 23.18 percent.
“On a month-on-month basis, the headline inflation rate in March 2025 was 3.90 percent.
“The food inflation rate was 21.79 percent year on year in March 2025,” NBS stated in a statement published on X on Tuesday.
Nigeria’s CPI has risen for the first time since it was rebased in January 2025.
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The Monetary Policy Committee stopped interest rates at 27.50 percent in February, as you may remember.
As a result, the MPC will have to choose between raising interest rates or holding them steady.
