As predicted by economists, Nigeria’s headline inflation rate rose to 24.23% in March 2025, according to the official government data source, the Nigeria Bureau of Statistics (NBS).
The country’s inflation rate climbed from 23.18% in February 2025 to 24.23% in March 2025, highlighting a significant spike in the costs of commodities and energy over recent weeks.
According to the Consumer Price Index (CPI) Report for March 2025, released by the national statistics agency on Tuesday, Nigeria’s food inflation stood at 21.79% year-on-year.
This marks a slight drop compared to the 23.51% recorded in February 2025.
Economists had earlier forecasted a rebound in inflation after a brief dip in February, pointing to a fuel price standoff between Dangote Refinery and the state-owned NNPC Limited. The standoff, which ended the naira-for-crude oil swap arrangement, led to a hike in petrol prices and reignited inflationary pressure.
Some analysts had also warned that the slight reduction in food prices in February was short-lived, linking it to the Federal Government’s temporary intervention through food imports.
Now, food and general commodity prices have surged again, deepening what many consider the most severe cost-of-living crisis Nigeria has faced since gaining independence over 60 years ago. Economists largely attribute the hardship to President Bola Tinubu’s economic reforms—particularly the removal of petrol subsidies and the unification of exchange rates.
