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

Rising Cost of Living Puts Pressure on Households

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

Sector-Specific Inflation Trends

While overall inflation rises, the food inflation rate showed a slight improvement, easing to 21.79% from 23.51% in February. However, core inflation (excluding volatile agricultural and energy prices) accelerated to 24.43%, up from 23.01% the previous month.

Monthly Price Increases Accelerate

Consumer prices rose by 3.90% month-on-month in March, nearly double February’s 2.04% increase. This rapid acceleration signals mounting inflationary pressures across the economy.

Historical Inflation Context

Examining recent trends:

• March 2023: 22.04%
• February 2023: 21.91%
• March 2024: 33.20%
• December 2024: 34.80% (peak)

Economic Implications

The persistent inflation surge is attributed to rising prices of essential goods and services. While the National Bureau of Statistics (NBS) has yet to officially release these figures, the data underscores the urgent need for policy interventions to stabilize prices and protect consumer purchasing power.

For more details, read the original report on Persecondnews.