LAGOS — Nigeria’s headline inflation rate rose to 15.38% in March 2026, up from 15.06% in February, as soaring consumer prices continue to strain household budgets across the country.
Data released by the National Bureau of Statistics (NBS) on Wednesday shows that the Consumer Price Index (CPI) which measures the average change over time in the prices paid by consumers for a market basket of goods and services surged to 135.4 points. This represents a significant 5.4-point increase from the 130.0 recorded in the preceding month.
On a month-on-month basis, the headline inflation rate for March 2026 stood at 4.18%, reflecting an accelerated pace of price growth compared to the start of the year.
Food remains a primary driver of the inflationary pressure, with the food inflation rate reaching 14.31% in March. The month-on-month food inflation rate was recorded at 4.17%, nearly identical to the overall headline momentum, indicating that the cost of essential commodities is rising in lockstep with broader economic pressures.
Analysts note that the 32-basis-point jump in the year-on-year headline rate, coupled with a monthly increase exceeding 4%, suggests persistent upward pressure on the cost of living. The data comes at a time when the Central Bank of Nigeria (CBN) is closely monitoring price stability as part of its ongoing monetary policy reforms.
In February, the central bank of Nigeria had slashed its interest rate by 50 base point to 26.5%, citing previous months of disinflation.
The latest figures highlight the continued challenge of balancing growth with price stability, as non-food items including transportation and energy also contributed to the 5.4-point leap in the overall price index.
