The National Bureau of Statistics (NBS) has reported a continued upward trend in Nigeria’s headline inflation, which climbed to 24.23% in March 2025.
This represents a 1.05 percentage point increase from the 23.18% recorded in February.
This was disclosed in the bureau’s latest Consumer Price Index (CPI) report, which highlighted a 4.40-point monthly rise in the CPI, indicating growing inflationary pressures across the country.
“In March 2025, the Consumer Price Index rose to 117.34, reflecting a 4.40-point increase over the February 2025 figure,” the NBS stated.
The report noted that the March inflation rate of 24.23% marks the first significant increase since the CPI was rebased in January 2025. Analysts interpret this shift as a potential early signal of deeper inflationary concerns that may require prompt intervention from monetary authorities.
The Central Bank of Nigeria (CBN) had held its benchmark interest rate steady at 27.50% during its last Monetary Policy Committee (MPC) meeting in February. However, with this latest inflation data, the CBN now faces renewed pressure to act, either by raising rates to curb inflation or maintaining current levels to avoid stifling growth in an already fragile economy.
Economists warn that without decisive policy measures, rising food prices, transportation costs, and exchange rate fluctuations could continue to fuel inflation, eroding consumer purchasing power and affecting investment confidence.
The next MPC meeting is expected to attract heightened attention from market participants, businesses, and consumers, all eager to see how the apex bank responds to Nigeria’s evolving economic landscape.
