Nigeria’s Inflation climbs to 15.38% as price pressures resurface

Nigeria’s inflation rate increased to 15.38% in March 2026, up from 15.06% in February. This was reported by the National Bureau of Statistics (NBS).

The new figures show that prices are starting to rise again, especially in the short term, even though inflation is still lower compared to last year.

Key Highlights

Inflation increased by 0.32 percentage points from February to March.

Monthly inflation rose sharply to 4.18%, compared to 2.01% in February.

The 12-month average inflation rate climbed to 20.05%.

Inflation in rural areas (17.22%) was higher than in urban areas (14.64%).

Overall, the data shows that the cost of goods and services is rising faster than it did in the previous month.

What Is Driving the Increase?

The rise in inflation is partly linked to global economic issues. Ongoing tensions in the Middle East have pushed up oil prices, especially around the Strait of Hormuz, a major route for oil transport.

Higher oil prices often lead to increased fuel and transportation costs, which then make goods more expensive in Nigeria.

More Details on Inflation

Food inflation dropped to 14.31% year-on-year, lower than 25.22% in March 2025.

On a monthly basis, food inflation slightly decreased to 4.17%.

Core inflation (excluding food and energy) rose to 16.21% year-on-year.

Monthly core inflation increased to 4.03%.

Although yearly inflation appears to be easing, the monthly rise shows that prices are still increasing quickly in the short term.

Urban vs Rural Trends

Urban monthly inflation rose to 3.16%.

Rural monthly inflation jumped significantly to 6.73%.

Rural inflation remains higher overall, showing that people in rural areas are feeling the impact more.

Background

Inflation in Nigeria has been influenced by several factors, including rising food prices, exchange rate changes, and supply challenges. Government policies and economic reforms have also played a role.

Earlier, the Central Bank of Nigeria (CBN) projected that inflation would average 12.94% in 2026, expecting food and fuel prices to ease. However, the latest figures suggest that price pressures are still strong.

Summary

While inflation is lower compared to last year, the recent monthly increase shows that Nigerians may continue to face rising costs in the near future.