Market News

NIGERIA’S headline inflation rate rose to 15.38 per cent in March 2026, reflecting a modest increase from the 15.06 per cent recorded in February.

This is according to the latest data released from the National Bureau of Statistics (NBS) on Wednesday, April 15.

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 per cent, up from 15.06 per cent in February 2026 and stood at 27.35 per cent in the same month of the preceding year (March 2025).

Accordingly,, the March 2026 headline inflation rate showed an increase of 0.32 per cent compared to that recorded in February 2026.

However, on a month-on-month basis, the rate in March 2026 was 4.18 per cent, which was 2.17 per cent 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 per cent, showing a 1.48 per cent increase compared to 18.58 per cent recorded in March 2025.

On a year-on-year basis, in March 2026, the Urban inflation rate was 14.64 per cent. On a month-on-month basis, the Urban inflation rate was 3.16 per cent in March 2026, up by 0.61 per cent compared to February 2026 (2.55%).

The corresponding twelve-month average for the Urban inflation rate was 20.04 per cent in March 2026. This was 0.06 per cent points lower compared to the 20.10 per cent reported in March 2025.

Rural inflation rate in March 2026 was 17.22 per cent on a year-on-year basis.

On a month-on-month basis, the rural inflation rate in March 2026 was 6.73 per cent, up by 6.02 per cent compared to February 2026 (0,71%).

The corresponding twelve-month average for the Rural inflation rate in March 2026 was 19.74 per cent. This was 2.93 per cent points higher compared to the 16.81 per cent recorded in March 2025.

The food inflation rate in the month under review was 14.31 per cent on a year-on-year basis and stood at 25.22 per cent in the same month of the preceding year (March 2025).

However, on a month-on-month basis, the food inflation rate in March 2026 was 4.17 per cent, down 0.52 per cent 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, tomatoes (fresh), cassava flour sold loose, among others.

The statistics office further said that the average annual rate of food inflation for the twelve months ending March 2026 over the previous twelve-month average was 18.21 per cent, which was 17.81 per cent points lower compared with the average annual rate of change recorded in March 2025 (36.02%).

According to NBS, “All items less farm products and energy” or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 16.21 per cent in March 2026 on a year-on-year basis; a decline of 10.91 per cent points when compared to the 27.12 per cent recorded in March 2025.

.The NBS explained that the CPI report was based on a rebased methodology, using 2024 as the base year and 2023 as the weight reference period, aimed at better capturing current consumption patterns in the economy.

Overall, the report highlights how the combination of rising fuel prices, particularly the petrol price increase in March and broader structural cost pressures continues to drive inflation, leaving Nigerian households under sustained financial strain.