Nigeria’s inflation rises to 24.23% after economic rebasing, says NBS

BY TUNDE OPALANA

The National Bureau of Statistics (NBS) on Tuesday disclosed an increase in Nigeria’s inflation rate from 23.18 percent reported in February to 24.23 percent in March.

The drop is coming after two months of respite following the rebasing of the nation’s economy in January this year.

The NBS announced an increase in its Consumer Price Index (CPI) for the month of March but announced that the food inflation rate stood at 21.79 percent in March on a year-on-year basis.

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“In March 2025, the headline inflation rate rose to 24.23 percent relative to the February 2025 headline inflation rate of 23.18 per cent.

“On a month-on-month basis, the headline inflation rate in March 2025 was 3.90 per cent.

“The food inflation rate was 21.79 percent year on year in March 2025,” NBS stated in a statement published on X on Tuesday.

The Bureau noted that in February, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) pegged interest rate at 27.50 per cent.