Nigeria’s headline inflation rate rose to 15.38 per cent in March 2026, up from 15.06 per cent recorded in February, signaling a fresh uptick in price pressures across the economy.
The latest figures, released by the National Bureau of Statistics, point to accelerating short-term costs despite a broader moderation in year-on-year inflation.
Data from the statistics agency shows that while the annual inflation trend remains relatively contained, monthly price increases are gathering pace.
- Headline inflation rose by 0.32 percentage points to 15.38 per cent
- Month-on-month inflation jumped to 4.18 per cent from 2.01 per cent in February
- The 12-month average climbed to 20.05 per cent, up from 18.58 per cent a year earlier
Urban inflation stood at 14.64 per cent year-on-year, while rural inflation remained higher at 17.22 per cent, underscoring persistent cost pressures outside major cities.
Breakdowns reveal diverging trends across key components of the inflation basket.
Food inflation eased on an annual basis to 14.31 per cent, down sharply from 25.22 per cent in March 2025, but remained elevated month-on-month at 4.17 per cent.
Core inflation, which excludes volatile items, rose to 16.21 per cent year-on-year, though significantly lower than 27.12 per cent recorded a year earlier. On a monthly basis, it accelerated to 4.03 per cent from 0.89 per cent in February.
A key pressure point emerged in rural areas, where month-on-month inflation surged to 6.73 per cent from just 0.71 per cent in February. Urban monthly inflation also rose to 3.16 per cent.
The divergence highlights ongoing supply constraints and cost pressures, particularly in food distribution and logistics.
The March uptick comes against a backdrop of global uncertainty, driven largely by tensions in the Middle East and disruptions around key oil routes such as the Strait of Hormuz.
Higher crude prices typically translate into increased fuel and transportation costs, adding to inflationary pressure in import-dependent economies like Nigeria.
While inflation has moderated compared to last year’s highs, the sharp rise in monthly figures suggests that price pressures remain sticky in the near term.
Earlier projections by the Central Bank of Nigeria had pointed to an average inflation rate of 12.94 per cent in 2026, driven by easing food and fuel costs.
However, the latest data indicates that achieving that target may prove challenging if current cost trends persist.
