The National Bureau of Statistics (NBS) released its Consumer Price Index (CPI) report for March 2026 on Wednesday, April 15, confirming a modest increase in Nigeria’s headline inflation rate. The rate rose to 15.38 percent, reflecting a 0.32 percentage point increase from the 15.06 percent recorded in February 2026. While this represents a significant decrease from the hyper-inflationary levels seen in early 2025, it indicates a month-on-month inflationary pressure of 4.18 percent.
The rise in the headline rate was largely attributed to structural cost pressures and a slight increase in petrol prices during the month of March. The Urban inflation rate for the month stood at 14.64 percent on a year-on-year basis, while Rural inflation was notably higher at 17.22 percent. Despite the slight uptick in the headline figure, food inflation showed some signs of cooling on a month-on-month basis, dropping from 4.69 percent in February to 4.17 percent in March.
According to the NBS, the decline in the rate of food price increases was driven by a drop in the average prices of staples such as yam, ginger, cassava, and tomatoes. However, “Core Inflation,” which excludes volatile agricultural produce and energy, remained a concern for policymakers at 16.21 percent. Economists suggest that while the 2026 tax reforms and improved agricultural output are beginning to stabilize the economy, the impact of high fuel costs continues to place a strain on household budgets across the country.
