Just In: Nigeria’s Inflation Rises to 24.23% in March, Food Prices Drive Surge
Nigeria’s annual inflation rate rose to 24.23% in March 2025, up from 23.18% recorded in February, according to data released Tuesday by the National Bureau of Statistics (NBS).
The NBS attributed the uptick to increases in food and non-alcoholic beverage prices, which continue to be the main drivers of inflation in the country.
Also Read: From Food Inflation to Exchange Rates: Nigeria’s Economy One Year After Electing Tinubu
The latest figures follow a significant drop earlier in the year after the agency updated its inflation measurement methodology. The rebasing exercise, which involved revising the consumer basket and changing the base year from 2009 to 2024, saw inflation fall from a 28-year high of 34.80% in December 2024 to 24.48% in January.
Nigeria has faced persistent inflation pressures since President Bola Tinubu assumed office in 2023, implementing fuel subsidy cuts and currency reforms that weakened the naira.
