Nigeria’s inflation rises to 24.23% in March 2025

This marks a significant increase from February’s inflation rate of 23.18%, driven largely by rising costs of commodities and energy in recent weeks.

The March 2025 Consumer Price Index (CPI) report, published today by the NBS, revealed that food inflation stood at 21.79% year-on-year for the month — a slight decline from the 23.51% recorded in February.

Experts had earlier forecasted a rebound in inflation following the temporary disruption of a crude-for-naira agreement between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). The disagreement, which triggered a price war, led to a spike in petrol prices.

Analysts also noted that the modest drop in food prices seen in February was short-lived, crediting it to the Federal Government’s intervention through increased food imports — a measure they said could not sustain lower prices for long.

With the cost of living reaching unprecedented levels, Nigerians continue to grapple with soaring food and commodity prices.

Many economists attribute the worsening economic situation to President Bola Tinubu’s policy decisions — particularly the removal of fuel subsidies and the unification of foreign exchange rates.