Nigeria’s Inflation Rate Climbs to 24.23% in March 2025

Key Economic Indicators Show Rising Cost of Living

Nigeria’s headline inflation rate surged to 24.23% in March 2025, marking a significant increase from February’s 23.18%, according to recent economic data. This 1.05 percentage point jump reflects growing pressure on household budgets and the overall cost of living across the country.

Breaking Down the Inflation Figures

While the overall inflation rate rose, the food inflation component showed some relief, easing to 21.79% from 23.51% in February. However, core inflation (excluding volatile food and energy prices) accelerated to 24.43%, up from 23.01% the previous month.

Month-over-month data reveals consumer prices increased by 3.90% in March, nearly doubling February’s 2.04% rise. This rapid acceleration suggests mounting inflationary pressures in the Nigerian economy.

Historical Context and Economic Trends

The current inflation rate continues an upward trend observed in recent years:

• March 2023: 22.04%
• February 2023: 21.91%
• March 2024: 33.20%
• February 2024: 31.70%
• December 2024: 34.80%
• October 2024: 33.88%

Implications for Nigeria’s Economy

Economists attribute the rising inflation to multiple factors, particularly increasing prices of essential goods and services. While the National Bureau of Statistics (NBS) has yet to officially release these figures, the preliminary data highlights significant economic challenges that require urgent policy attention.

The persistent inflationary trend underscores the need for monetary and fiscal interventions to stabilize prices and protect consumers’ purchasing power.

For more details on Nigeria’s economic outlook, read the original report on Persecond News.