Amanze Chinonye
Nigeria’s headline inflation rate increased to 15.38 per cent in March 2026, reversing a sustained downward trend, according to the latest Consumer Price Index (CPI) report released by the (NBS), Prime Business Africa reports.
The figure represents a rise from the 15.06 per cent recorded in February, signalling renewed pressure on consumer prices across the economy.
On a month-on-month basis, inflation climbed sharply to 4.18 per cent in March, up from 2.01 per cent in the previous month, indicating a faster pace of price increases within a short period.
Join our WhatsApp ChannelThe CPI, which measures the average change in prices of goods and services, rose to 135.40 in March from 130.00 in February, reflecting a 5.4-point increase following the agency’s recent rebasing exercise, which adopted 2024 as the new base year and 2023 as the weight reference period.
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The NBS attributed the latest uptick to rising costs in key sectors, with Food and non-alcoholic beverages contributing 5.55 per cent, Restaurants and accommodation services 3.26 per cent, and Transport 1.80 per cent to the overall inflation rate.
In contrast, Recreation, sport and culture, Alcoholic beverages, tobacco and narcotics, as well as Insurance and financial services recorded the least contributions.
Food inflation stood at 14.31 per cent year-on-year in March, a notable decline from 25.22 per cent recorded in the same period of 2025. On a month-on-month basis, however, food prices rose by 4.17 per cent, although slightly lower than the 4.69 per cent recorded in February.
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The bureau linked movements in food prices to changes in the cost of staple items such as yam, ginger, cassava, groundnuts, potatoes, ogbono, tomatoes, and cassava flour.
Further breakdown of the data showed that inflationary pressures persisted across both urban and rural areas, with rural inflation rising to 17.22 per cent. At the subnational level, Bayelsa, Sokoto, and Bauchi states recorded the highest inflation rates during the period under review.
Despite the March increase, the inflation rate remains significantly lower than the 27.35 per cent recorded in March 2025, suggesting a broader moderation in price levels over the past year.
Analysts say the rebound in inflation may complicate efforts by policymakers to stabilise prices, as rising monthly figures point to lingering structural challenges and continued pressure on household incomes.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
