NIGERIA’s headline inflation rate rose to 15.38% in March 2026, reflecting a modest increase from the 15.06% recorded in February.
News Point Nigeria reports that this is according to the latest data from the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) increased to 135.4 in March 2026, reflecting a 5.4-point increase from the preceding month (130.0).
In March 2026, the headline inflation rate rose to 15.38%, up from 15.06% in February 2026 and stood 27.35% in the same month of the preceding year (March 2025).
Looking at the movement, the March 2026 headline inflation rate showed an increase of 0.32% compared to that recorded in February 2026.
However, on a month-on-month basis, the rate in March 2026 was 4.18%, which was 2.17% higher than the rate recorded in February 2026 (2.01%).
The percentage change in the average CPI for the twelve months ending March 2026 over the average for the previous twelve-month period was 20.05%, showing a 1.48% increase compared to 18.58% recorded in March 2025.
On a year-on-year basis, in March 2026, the Urban inflation rate was 14.64%. On a month-on-month basis, the Urban inflation rate was 3.16% in March 2026, up by 0.61% compared to February 2026 (2.55%).
The corresponding twelve-month average for the Urban inflation rate was 20.04% in March 2026. This was 0.06% points lower compared to the 20.10% reported in March 2025.
Rural inflation rate in March 2026 was 17.22% on a year-on-year basis.
On a month-on-month ba sis, the Rural inflation rate in March 2026 was 6.73%, up by 6.02% compared to February 2026 (0,71%).
The corresponding twelve-month average for the Rural inflation rate in March 2026 was 19.74%. This was 2.93% points higher compared to the 16.81% recorded in March 2025.
The food inflation rate in the month under review was 14.31% on a year-on-year basis and stood at 25.22% in the same month of the preceding year (March 2025).
However, on a month-on-month basis, food inflation rate in March 2026 was 4.17%, down 0.52 percentage points from February 2026 (4.69%).
The drop was attributed to the rate of change in the average prices of the following products: Yam, Ginger (Fresh), Cassava Tuber, Groundnuts (Shelled), Irish Potatoes, Avenger (Ogbono/Apon) – Dried Ungrinded, Toma toes (fresh), Cassava Flour sold loose, etc.
NBS said average annual rate of Food inflation for the twelve months ending March 2026 over the previous twelve-month average was 18.21%, which was 17.81% points lower compared with the average annual rate of change recorded in March 2025 (36.02%).
The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 16.21% in March 2026 on a year-on-year basis; a decline of 10.91% points when compared to the 27.12% recorded in March 2025.
On a month-on-month basis, the core inflation rate was 4.03% in March 2026, up by 3.14% points compared to Feb ruary 2026 (0.89%).
The average twelve-month annual inflation rate was 21.09% for the twelve months ending March 2026, which was 6.25% points lower than the 27.34% recorded in March 2025.
On a state level, headline inflation was highest in Bayelsa Year-on-Year with (27.37%), Sokoto (26.03%), and Bauchi (23.67%), while Osun (5.25%), Kano (9.85%), and Kaduna (10.38%) recorded the lowest rise.
On a Month-on-Month basis, however, March 2026 recorded the highest increases in Zamfara (10.77%), Bauchi (9.37%), and Sokoto (9.05%), while Lagos (1.54%), Akwa Ibom (1.80%), and Rivers (1.89%) recorded the lowest rise in the Month-on-Month inflation.
Food inflation was highest in Bayelsa (33.35%), Sokoto (28.02%), and Adamawa (21.67%), while Kano (4.29%), Oyo (4.86%), and Katsina (7.48%) recorded the slowest rise on a Year-on-Year basis.
On a Month-on-Month basis, however, March 2026 food inflation was highest in Sokoto (11.78%), Niger (8.59%), and Gombe (8.10%), while Katsina (0.09%), Ogun (0.77%), and Adamawa (1.30%) recorded the slowest rise in Food inflation on a Month-on-Month basis.