Nigeria’s headline inflation rate increased to 15.38 percent in March 2026, according to the latest report released by the National Bureau of Statistics (NBS).
The figure reflects a 0.32 percentage point rise from the 15.06 percent recorded in February, indicating that the overall cost of goods and services continued to climb during the period. The NBS disclosed this in its Consumer Price Index (CPI) report for March, noting that the pace of price increases has accelerated.
On a month-on-month basis, inflation rose sharply to 4.18 percent in March, compared to 2.01 percent in February. This shows that prices grew faster within the month than they did in the previous period, pointing to increasing pressure on consumers.
The report identified food and non-alcoholic beverages as the largest contributor to inflation, followed by restaurants and accommodation services, as well as transport costs. These sectors remain key drivers of rising living expenses across the country.
Food inflation stood at 14.31 percent on a year-on-year basis, lower than the 25.22 percent recorded in March 2025, suggesting some moderation compared to the previous year. However, on a monthly basis, food inflation recorded 4.17 percent, slightly lower than February’s 4.69 percent. The NBS attributed this marginal decline to changes in the prices of staple items such as yam, cassava, tomatoes, ginger and groundnuts.
Core inflation, which excludes the prices of farm produce and energy, was recorded at 16.21 percent year-on-year. This represents a decline compared to the previous year, although monthly figures showed an increase, reflecting persistent underlying price pressures.
Further breakdown of the data showed varying trends across sectors. Energy prices rose significantly, while goods, farm produce and services also recorded increases, highlighting widespread cost pressures in the economy.
Inflation remained higher in rural areas compared to urban centres. While urban inflation stood at 14.64 percent on a yearly basis, rural inflation was higher at 17.22 percent, indicating stronger price pressures outside major cities. Monthly data also showed a sharper rise in rural inflation.
At the state level, Bayelsa recorded the highest inflation rate, followed by Sokoto and Bauchi, while Osun, Kano and Kaduna recorded the lowest rates. On a month-on-month basis, Zamfara experienced the fastest increase in prices, whereas Lagos recorded one of the slowest increases.
Overall, the latest figures suggest that although inflation has eased compared to last year’s levels, the rising monthly trend indicates that Nigerians are still facing increasing costs of living.
