BREAKING: Price surge returns as Nigeria’s Inflation Hits 15.38% in March

By Kazeem Ugbodaga

Nigeria’s headline inflation rate rose to 15.38 per cent in March 2026, up from 15.06 per cent recorded in February, according to the National Bureau of Statistics (NBS).

The NBS, in its latest Consumer Price Index (CPI) report, said the March figure represents an increase of 0.32 percentage points compared to the previous month, indicating a renewed uptick in the general price level across the country.

On a year-on-year basis, the inflation rate was significantly lower than the 27.35 per cent recorded in March 2025, reflecting a moderation in price pressures over the past year.

However, on a month-on-month basis, inflation accelerated sharply to 4.18 per cent in March 2026, compared to 2.01 per cent in February.

This, the NBS said, indicates that the pace of increase in the average price level was higher in March than in the preceding month.

The statistics office further noted that the average Consumer Price Index for the 12 months ending March 2026 rose by 20.05 per cent, representing a 1.48 percentage point increase from the 18.58 per cent recorded in March 2025.

A breakdown of the data showed mixed trends across urban and rural areas.

In urban areas, the year-on-year inflation rate stood at 14.64 per cent in March 2026, while the month-on-month rate rose to 3.16 per cent, up by 0.61 percentage points from 2.55 per cent recorded in February.

The 12-month average for urban inflation was 20.04 per cent, slightly lower than the 20.10 per cent recorded in March 2025.

In rural areas, inflationary pressures remained significantly higher. The year-on-year rural inflation rate stood at 17.22 per cent in March 2026.

On a month-on-month basis, the NBS said rural inflation surged to 6.73 per cent, a sharp increase of 6.02 percentage points from 0.71 per cent recorded in February, highlighting intensified price pressures in rural communities.

According to the Bureau, the 12-month average rural inflation rate was 19.74 per cent, representing a 2.93 percentage point increase from 16.81 per cent recorded in the corresponding period of 2025.