Nigeria’s headline inflation rate rose to 15.38% in March 2026, reflecting a modest increase from the 15.06% recorded in February.

This is according to the latest data from the National Bureau of Statistics (NBS).

The Consumer Price Index (CPI) increased to 135.4 in March 2026, reflecting a 5.4-point increase from the preceding month (130.0).

In March 2026, the headline inflation rate rose to 15.38%, up from 15.06% in February 2026 and stood 27.35% in the same month of the preceding year (March 2025).

Looking at the movement, the March 2026 headline inflation rate showed an increase of 0.32% compared to that recorded in February 2026.

However, on a month-on-month basis, the rate in March 2026 was 4.18%, which was 2.17% higher than the rate recorded in February 2026 (2.01%).

The percentage change in the average CPI for the twelve months ending March 2026 over the average for the previous twelve-month period was 20.05%, showing a 1.48% increase compared to 18.58% recorded in March 2025.

On a year-on-year basis, in March 2026, the Urban inflation rate was 14.64%. On a month-on-month basis, the Urban inflation rate was 3.16% in March 2026, up by 0.61% compared to February 2026 (2.55%).

The corresponding twelve-month average for the Urban inflation rate was 20.04% in March 2026. This was 0.06% points lower compared to the 20.10% reported in March 2025.

Rural inflation rate in March 2026 was 17.22% on a year-on-year basis.

On a month-on-month ba sis, the Rural inflation rate in March 2026 was 6.73%, up by 6.02% compared to February 2026 (0,71%).

The corresponding twelve-month average for the Rural inflation rate in March 2026 was 19.74%. This was 2.93% points higher compared to the 16.81% recorded in March 2025.

The food inflation rate in the month under review was 14.31% on a year-on-year basis and stood at 25.22% in the same month of the preceding year (March 2025).

However, on a month-on-month basis, food inflation rate in March 2026 was 4.17%, down 0.52 percentage points from February 2026 (4.69%).

The drop was attributed to the rate of change in the average prices of the following products: Yam, Ginger (Fresh), Cassava Tuber, Groundnuts (Shelled), Irish Potatoes, Avenger (Ogbono/Apon) – Dried Ungrinded, Toma toes (fresh), Cassava Flour sold loose, etc.

NBS said average annual rate of Food inflation for the twelve months ending March 2026 over the previous twelve-month average was 18.21%, which was 17.81% points lower compared with the average annual rate of change recorded in March 2025 (36.02%).

The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 16.21% in March 2026 on a year-on-year basis; a decline of 10.91% points when compared to the 27.12% recorded in March 2025.

On a month-on-month basis, the core inflation rate was 4.03% in March 2026, up by 3.14% points compared to Feb ruary 2026 (0.89%).

The average twelve-month annual inflation rate was 21.09% for the twelve months ending March 2026, which was 6.25% points lower than the 27.34% recorded in March 2025.

On a state level, headline inflation was highest in Bayelsa Year-on-Year with (27.37%), Sokoto (26.03%), and Bauchi (23.67%), while Osun (5.25%), Kano (9.85%), and Kaduna (10.38%) recorded the lowest rise.

On a Month-on-Month basis, however, March 2026 recorded the highest increases in Zamfara (10.77%), Bauchi (9.37%), and Sokoto (9.05%), while Lagos (1.54%), Akwa Ibom (1.80%), and Rivers (1.89%) recorded the lowest rise in the Month-on-Month inflation.

Food inflation was highest in Bayelsa (33.35%), Sokoto (28.02%), and Adamawa (21.67%), while Kano (4.29%), Oyo (4.86%), and Katsina (7.48%) recorded the slowest rise on a Year-on-Year basis.

On a Month-on-Month basis, however, March 2026 food inflation was highest in Sokoto (11.78%), Niger (8.59%), and Gombe (8.10%), while Katsina (0.09%), Ogun (0.77%), and Adamawa (1.30%) recorded the slowest rise in Food inflation on a Month-on-Month basis. (Channels)

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