…as Nigeria’s inflation rose to 24.23%

Food inflation rate in Nigeria rose to 21.79 percent on a year-on-year basis in March 2025, this is as nation’s headline inflation rose to 24.23 percent, relative to the February 2025 headline inflation rate of 23.18 percent.

According to the National Bureau of Statistics, the increase can be attributed to the rate of increase in the average prices of Ginger (fresh), Garri (Yellow), Broken Rice (Ofada), Honey.

BusinessDay’s analysis of the report which was released on Tuesday showed that food inflation on a Year-on-Year basis was highest in Oyo (34.41 percent), Kaduna (31.14 percent), Kebbi (30.85 percent), while Bayelsa (9.61 percent), Adamawa (12.41 percent), and Akwa Ibom (12.60 percent) recorded the slowest rise

On a Month-on-Month basis, food inflation was highest in Oyo (19.74 percent), Kaduna (17.24 percent), and Kebbi (14.03 percent) while Sokoto, Nasarawa and Edo states recorded decline in Food inflation.

The report showed that on a month-on-month basis, the headline inflation rate in March 2025 was 3.90 percent, being 1.85 percent higher than the rate recorded in February 2025 (2.04 percent). This means

that in March 2025, the rate of increase in the average price level is higher than the rate of increase in the average price level in February 2025.

Why March inflation defied analyst projections, increases to 24.23 %

On a year-on-year basis, in March 2025, the Urban inflation rate was 26.12 percent, while on a month-on-month basis, the Urban inflation rate was 3.96 percent in March 2025, up by 1.56 percent compared to February 2025

(2.40%).

The Rural inflation rate in March 2025 was 20.89 percent on a year-on-year basis. On a month-on-month ba sis, the Rural inflation rate in March 2025 was 3.73 percent, up by 2.57 percent compared to February 2025

(1.16 percent).

“All items less farm produces and energy, which excludes the prices of volatile agricultural produces and energy stood at 24.43 percent in March 2025 on a year-on-year basis. On a

month-on-month basis, the core inflation rate was 3.73 percent up by 1.21 percent compared to February 2025 (2.52 percent).

The all items inflation rate was highest in Kaduna (33.33 percent), Osun (32.08 percent), and Kebbi (30.74 percent), while Akwa Ibom (12.81 percent), Bayelsa (14.02 percent), Sokoto (14.83 percent) recorded the lowest rise in headline inflation on Year-on-Year basis.

However, on a Month-on-Month basis, highest increases in Kaduna (18.85 percent), Osun(16.49 percent), Oyo (14.44 percent), while Sokoto , Nasarawa and Kwara recorded the lowest rise in Month-on-Month inflation. (BusinessDay)