Nigeria’s Inflation Rises to 15.38% in March as Food, Transport Costs Rise – NBS
Nigeria’s headline inflation rate increased to 15.38 per cent in March 2026, reversing the recent easing trend as rising food, transport, and accommodation costs intensified pressure on household spending, according to the latest data released by the National Bureau of Statistics (NBS).
The figure represents an increase from 15.06 per cent recorded in February 2026, marking a 0.32 percentage point rise month-on-month. It is also the first upward movement in the headline inflation rate since March 2025, signalling renewed inflationary pressures in the economy.
The NBS Consumer Price Index (CPI) report showed that the index rose to 135.4 points in March 2026, up from 130.0 in February, reflecting continued increases in the general price level across goods and services.
On a month-on-month basis, inflation accelerated sharply to 4.18 per cent in March, compared to 2.01 per cent in February, indicating a faster pace of price increases within a single month.
Food and non-alcoholic beverages remained the dominant driver of inflation, contributing 5.55 percentage points to the headline figure. This was followed by restaurants and accommodation services at 3.26 percentage points, while transport contributed 1.80 percentage points.
The report also highlighted significant disparities between urban and rural inflation. Urban inflation stood at 14.64 per cent year-on-year, while rural inflation was higher at 17.22 per cent, indicating stronger price pressures in rural areas.
On a monthly basis, rural inflation surged sharply to 6.73 per cent in March from 0.71 per cent in February, reflecting a rapid escalation in rural consumer prices.
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Food inflation remained elevated despite easing from the previous year. It stood at 14.31 per cent year-on-year in March 2026, compared to 12.12 per cent in February, and significantly lower than 25.22 per cent recorded in March 2025. Month-on-month, food inflation rose by 4.17 per cent, driven by increases in staple commodities such as yams, cassava, tomatoes, and potatoes.
Core inflation, which excludes volatile agricultural produce and energy prices, increased to 16.21 per cent year-on-year from 27.12 per cent in March 2025. On a monthly basis, core inflation rose by 4.03 per cent, suggesting broader inflationary pressure beyond food items.
The NBS further reported that the average inflation rate for the 12 months ending March 2026 stood at 20.05 per cent, higher than 18.58 per cent in the corresponding period of 2025, indicating sustained medium-term price pressure.
At the sub-national level, inflation trends varied widely. Bayelsa recorded the highest year-on-year inflation rate at 27.37 per cent, followed by Sokoto at 26.03 per cent and Bauchi at 23.67 per cent. Osun recorded the lowest rate at 5.25 per cent, while Kano and Kaduna posted 9.85 per cent and 10.38 per cent respectively.
On a month-on-month basis, Zamfara recorded the highest increase at 10.77 per cent, followed by Bauchi at 9.37 per cent and Sokoto at 9.05 per cent. Lagos, Akwa Ibom, and Rivers recorded the slowest monthly increases.
The report noted that differences across states reflect variations in consumption patterns and weighting structures, cautioning against direct comparisons.
Meanwhile, the World Bank has warned that rising global oil prices could further worsen inflationary pressures in Nigeria. It estimated that an increase in oil prices to about $80 per barrel could directly add around 3.1 percentage points to headline inflation under full pass-through conditions, with additional indirect effects on transport, logistics, and food prices likely to push inflation even higher.
By PRNigeria
