Nigeria’s inflation rate climbed to 15.38 per cent in March 2026, according to new data from the National Bureau of Statistics (NBS), marking a reversal in recent easing trends as food, transport and housing-related costs pushed prices higher.
The latest figure represents an increase from 15.06 per cent recorded in February 2026, ending a run of moderating inflation that had lasted since March 2025.
The NBS said the Consumer Price Index rose to 135.4 points in March, up from 130.0 points in February, reflecting a broad increase in the general price level across goods and services.
On a month-on-month basis, inflation accelerated to 4.18 per cent in March, compared with 2.01 per cent in February, indicating a faster pace of price increases within the period.
Although the March 2026 figure remains significantly below the 27.35 per cent recorded in March 2025, the latest uptick suggests renewed inflationary pressures in the economy.
A breakdown of the report shows that food and non-alcoholic beverages were the largest contributors to inflation, accounting for 5.55 percentage points. This was followed by restaurants and accommodation services at 3.26 percentage points and transport at 1.80 percentage points.
Food inflation stood at 14.31 per cent year-on-year, rising from 12.12 per cent in February 2026, driven by higher prices of staple items such as yam, cassava, tomatoes and potatoes. On a monthly basis, food inflation was recorded at 4.17 per cent.
Core inflation, which excludes volatile food and energy items, also increased to 16.21 per cent year-on-year, reflecting widespread price pressures beyond food products.
The report further highlighted a widening gap between urban and rural inflation. Urban inflation stood at 14.64 per cent, while rural inflation was higher at 17.22 per cent, indicating stronger price increases in rural communities.
On a month-on-month basis, rural inflation surged sharply to 6.73 per cent in March from just 0.71 per cent in February, signalling a sudden spike in rural living costs.
The 12-month average inflation rate for the period ending March 2026 rose to 20.05 per cent, compared to 18.58 per cent in the corresponding period of 2025, pointing to sustained medium-term inflationary pressures.
At the state level, inflation varied widely across the country. Bayelsa recorded the highest year-on-year rate at 27.37 per cent, followed by Sokoto at 26.03 per cent and Bauchi at 23.67 per cent. Osun recorded the lowest at 5.25 per cent, while Kano and Kaduna posted 9.85 per cent and 10.38 per cent respectively.
On a monthly basis, Zamfara recorded the steepest increase at 10.77 per cent, followed by Bauchi at 9.37 per cent and Sokoto at 9.05 per cent, while Lagos, Akwa Ibom and Rivers recorded relatively slower increases.
The NBS noted that variations across states reflect differences in consumption patterns and methodological weights, warning against direct comparisons.
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