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Nigeria’s Inflation Rises to 15.38% in March as Food Prices Surge Across States
Nigeria’s headline inflation rate increased to 15.38% in March 2026, reflecting a slight rise from the 15.06% recorded in February, according to the latest data released by the National Bureau of Statistics.
The report showed that the Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, rose to 135.4 in March from 130.0 recorded in the previous month.
On a year-on-year basis, the inflation rate represents a decline from the 27.35% recorded in March 2025, suggesting a gradual easing compared to the previous year. However, on a month-on-month basis, inflation rose sharply to 4.18% in March, up from 2.01% in February.
Food Inflation and State Variations
Food inflation remains a major driver of overall price increases across the country. In March, food inflation stood at 14.31% year-on-year, while the month-on-month rate declined slightly to 4.17% from 4.69% in February.
The NBS attributed the marginal drop to price changes in key food items such as yam, cassava, tomatoes, and groundnuts.
At the state level, food inflation was highest in Bayelsa (33.35%), Sokoto (28.02%), and Adamawa (21.67%). In contrast, Kano (4.29%), Oyo (4.86%), and Katsina (7.48%) recorded the slowest increases on a year-on-year basis.
Urban and Rural Trends
The data further revealed disparities between urban and rural inflation rates.
Urban inflation stood at 14.64% year-on-year, with a month-on-month increase of 3.16%. Meanwhile, rural inflation was higher at 17.22% year-on-year and recorded a significant month-on-month rise of 6.73%, indicating stronger price pressures in rural communities.
The twelve-month average inflation rate also increased to 20.05% in March 2026, compared to 18.58% recorded in March 2025.
Core Inflation and Outlook
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 16.21% year-on-year, showing a notable decline from 27.12% recorded in the same period last year.
Despite the moderation in annual figures, the rising month-on-month inflation suggests that price pressures persist, particularly in food and rural markets.
Analysts say the latest figures highlight the continued strain on household incomes, as Nigerians grapple with the rising cost of living across essential goods and services.
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