JUST IN: Price of garri, pepper and others increase as Nigeria’s inflation rate rises to 24.23%
Nigeria’s headline inflation rate has increased to 24.23% in March 2025, according to the latest figures from the National Bureau of Statistics (NBS).
This marks a significant rise from February 2025, when the inflation rate stood at 23.18%, reflecting mounting pressure on household incomes and the cost of living.
This is the first increase of the inflation figure since the NBS rebased the Consumer Price Index (CPI) earlier in the year.
“Looking at the movement, the March 2025 Headline inflation rate showed an increase of 1.05% compared to the February 2025 Headline inflation rate. Furthermore, on a month-on-month basis, the Headline inflation rate in March 2025 was 3.90%, which was 1.85% higher than the rate recorded in February 2025 (2.04%).
“This means that in March 2025, the rate of increase in the average price level is higher than the rate of increase in the average price level in February 2025.”
It explained that contributions of items on the divisional level are food and non-alcoholic beverages, 9.28 percent; restaurants and accommodation services, 2.99 percent; transport, 2.47 percent; housing, water, electricity, gas, and other fuels, 1.95 percent, education services 1.44 percent, health 1.40 percent.
It said food inflation rate in March 2025 was 21.79 percent on a year-on-year basis.
The NBS further said that the food inflation rate in Nigeria rose to 21.79 percent on a year-on-year basis in March 2025
It attributed the increase to the rise in the average prices of ginger (fresh), garri (Yellow), broken rice (ofada), honey (natural production), crabs, potatoes, plantain flour, periwinkle (unshelled), pepper (fresh), etc.
Meanwhile, an Analyst conducted by BusinessDay eleased on Tuesday showed that food inflation on a Year-on-Year basis was highest in Oyo (34.41 percent), Kaduna (31.14 percent), Kebbi (30.85 percent), while Bayelsa (9.61 percent), Adamawa (12.41 percent), and Akwa Ibom (12.60 percent) recorded the slowest rise
On a Month-on-Month basis, food inflation was highest in Oyo (19.74 percent), Kaduna (17.24 percent), and Kebbi (14.03 percent) while Sokoto, Nasarawa and Edo states recorded decline in Food inflation.
in March 2025 was 3.90 percent, being 1.85 percent higher than the rate recorded in February 2025 (2.04 percent). This means that in March 2025, the rate of increase in the average price level is higher than the rate of increase in the average price level in February 2025.
On a year-on-year basis, in March 2025, the Urban inflation rate was 26.12 percent, while on a month-on-month basis, the Urban inflation rate was 3.96 percent in March 2025, up by 1.56 percent compared to February 2025
(2.40%).
The Rural inflation rate in March 2025 was 20.89 percent on a year-on-year basis. On a month-on-month ba sis, the Rural inflation rate in March 2025 was 3.73 percent, up by 2.57 percent compared to February 2025
(1.16 percent).
“All items less farm produces and energy, which excludes the prices of volatile agricultural produces and energy stood at 24.43 percent in March 2025 on a year-on-year basis. On a month-on-month basis, the core inflation rate was 3.73 percent up by 1.21 percent compared to February 2025 (2.52 percent).
The all items inflation rate was highest in Kaduna (33.33 percent), Osun (32.08 percent), and Kebbi (30.74 percent), while Akwa Ibom (12.81 percent), Bayelsa (14.02 percent), Sokoto (14.83 percent) recorded the lowest rise in headline inflation on Year-on-Year basis.
However, on a Month-on-Month basis, highest increases in Kaduna (18.85 percent), Osun(16.49 percent), Oyo (14.44 percent), while Sokoto , Nasarawa and Kwara recorded the lowest rise in Month-on-Month inflation.
