Nigeria’s inflation rate climbs to 24.23% – NBS

Nigeria’s inflation rate rose to 24.23% in March 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Tuesday.

The new figure marks a notable increase from the 23.18% recorded in February, reflecting a 1.05 percentage point rise.

The rate also edges closer to the 24.48% level seen earlier in the year, following the CPI rebasing.

“In March, the Headline inflation rate rose to 24.23 per cent relative to the February 2025 headline inflation rate of 23.18 per cent,” the NBS stated.

“Looking at the movement, the March 2025 headline inflation rate showed an increase of 1.05 per cent compared to the February 2025 Headline inflation rate.

“Furthermore, on a month-on-month basis, the Headline inflation rate in March 2025 was 3.90 per cent, which was 1.85 per cent higher than the rate recorded in February 2025 (2.04 per cent).

“This means that in March 2025, the rate of increase in the average price level is higher than the rate of increase in the average price level in February 2025.”

The latest figures underscore growing concerns about the rising cost of living and sustained pressure on household spending.