Nigeria’s inflation rate has climbed again, signaling renewed pressure on households already grappling with rising living costs.
Latest data from the National Bureau of Statistics shows that the country’s headline inflation increased to 15.38% in March 2026, up from 15.06% recorded in February.
This marks a 0.32 percentage point rise month-on-month and the first upward movement since March 2025, suggesting that the temporary relief Nigerians experienced earlier may be fading.
The report highlights a steady increase in the general price level, with the Consumer Price Index (CPI) rising to 135.4 points, compared to 130.0 in February.
What’s Driving the Increase?
Food prices remain the biggest contributor to inflation, continuing to stretch household budgets across the country.
According to the NBS:
- Food and non-alcoholic beverages contributed 5.55 percentage points
- Restaurants and accommodation added 3.26 points
- Transport costs accounted for 1.80 points
Staple foods such as yam, cassava, tomatoes, and potatoes recorded noticeable price increases, pushing food inflation higher.
On a monthly basis, food inflation rose sharply by 4.17%, reflecting how quickly prices are climbing within short periods.
Urban vs Rural Pressure
The inflation burden is not evenly distributed.
Urban inflation stood at 14.64% (year-on-year)
Rural inflation climbed higher to 17.22%
Even more concerning is the month-on-month spike in rural areas, which surged from 0.71% in February to 6.73% in March.
This sharp increase indicates that rural households are facing faster and more severe price shocks, especially for essential goods.
Core Inflation Signals Broader Pressure
Core inflation, which excludes volatile items like food and energy, also rose:
16.21% year-on-year
4.03% month-on-month
This suggests that inflation is no longer limited to food alone but is spreading across multiple sectors of the economy.
State-by-State Breakdown
Inflation trends vary significantly across Nigeria’s states:
Highest inflation rates:
Bayelsa – 27.37%
Sokoto – 26.03%
Bauchi – 23.67%
Lowest inflation rates:
Osun – 5.25%
Kano – 9.85%
Kaduna – 10.38%
On a monthly basis:
Zamfara recorded the highest increase at 10.77%
Bauchi followed with 9.37%
Sokoto posted 9.05%
Meanwhile, Lagos, Akwa Ibom, and Rivers saw slower increases, offering slight relief in those regions.
Average Inflation Still Rising
The 12-month average inflation rate paints a broader picture of sustained pressure.
It rose to 20.05% for the period ending March 2026, compared to 18.58% in the same period last year.
This indicates that inflation remains a long-term economic challenge, not just a short-term spike.
Global Risks Ahead
External factors could further worsen the situation.
The World Bank has warned that rising global oil prices may push inflation even higher.
According to its projection:
If oil prices hit $80 per barrel, inflation could rise by 3.1 percentage points
Additional indirect effects may come from higher transport and food costs
What This Means for Nigerians
The latest figures confirm a reality many Nigerians are already experiencing—the cost of living is rising again.
With food, transport, and housing costs increasing simultaneously, households face tighter budgets and reduced purchasing power.
For policymakers, the data signals an urgent need for targeted interventions, especially in food supply, logistics, and rural markets.
