• Nigeria’s inflation rate climbed to 24.23% in March 2025 from 23.18% in February

• This marks the first monthly rise in the inflation rate since the beginning of the year

• Food, transport, and hospitality costs were the biggest drivers of the increase

Nigeria’s inflation rate rose to 24.23% in March 2025, up from 23.18% the previous month. This is the first time the rate has increased this year, according to new data from the National Bureau of Statistics (NBS), published on Tuesday, April 15.

The NBS said the biggest price hikes came from food and non-alcoholic beverages, followed by restaurants, hotel services, and transport.

Food inflation remained a major concern. The annual food inflation rate stood at 21.79% in March. Month-on-month, food prices went up by 2.18%, a sharp jump from the 1.67% rise recorded in February.