Nigeria’s headline inflation rate rose to 15.38 percent in March 2026, up from 15.06 percent recorded in February, according to the latest Consumer Price Index (CPI) report released on Wednesday by the National Bureau of Statistics (NBS).

The report showed that the CPI increased to 135.4 in March 2026, representing a 5.4-point rise from 130.0 recorded in the preceding month, reflecting sustained pressure on consumer prices across the economy.

On a year-on-year basis, the headline inflation rate, however, declined significantly from 27.35 percent recorded in March 2025. The NBS noted that the March 2026 headline inflation rate rose by 0.32 percentage points compared to February 2026.

On a month-on-month basis, inflation climbed to 4.18 percent in March, representing a 2.17 percentage point increase from 2.01 percent recorded in February. This indicates a faster pace in the rise of average price levels compared to the previous month.

The report further showed that food inflation stood at 14.31 percent year-on-year in March 2026, lower than the 25.22 percent recorded in the corresponding period of 2025. On a month-on-month basis, food inflation eased slightly to 4.17 percent, down by 0.52 percentage points from 4.69 percent in February.

According to the NBS, the moderation in food inflation on a monthly basis was driven by changes in the prices of key staples such as yam, fresh ginger, cassava tuber, shelled groundnuts, Irish potatoes, dried ogbono, fresh tomatoes, and cassava flour.

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The average annual rate of food inflation for the twelve months ending March 2026 stood at 18.21 percent, representing a sharp decline of 17.81 percentage points compared to 36.02 percent recorded in March 2025.

In terms of regional dynamics, urban inflation rate was 14.64 per cent year-on-year in March 2026, while on a month-on-month basis, it rose to 3.16 percent, up from 2.55 percent in February. The 12-month average for urban inflation stood at 20.04 percent, slightly lower than 20.10 percent recorded in March 2025.

Rural inflation, on the other hand, was higher at 17.22 percent year-on-year. On a month-on-month basis, it surged to 6.73 percent in March, a significant increase from 0.71 percent recorded in February. The 12-month average rural inflation rate rose to 19.74 percent, compared to 16.81 percent in March 2025.

Core inflation, which excludes volatile agricultural produce and energy prices, stood at 16.21 percent year-on-year in March 2026, marking a decline from 27.12 percent in March 2025. However, on a monthly basis, core inflation rose sharply to 4.03 percent, up from 0.89 percent in February.

The twelve-month average core inflation rate was 21.09 percent, lower than the 27.34 percent recorded in the corresponding period of 2025.

The CPI, a key macroeconomic indicator, measures changes in the average prices of goods and services consumed by households. It is compiled using price data collected from retail outlets across the 36 states and the Federal Capital Territory, covering both urban and rural areas, and is weighted based on household expenditure patterns.

The latest figures highlight a mixed inflation trend, with easing annual rates but rising month-on-month pressures, suggesting that while price growth is moderating compared to last year, short-term cost pressures on consumers remain elevated.

Meanwhile, the Centre for the Promotion of Private Enterprise (CPPE) has expressed concerns over resurgence of inflationary pressures, driven by energy costs.

The Centre, in its reaction to March 2026 inflation report on Wednesday, also cautioned the Central Bank of Nigeria (CBN) against using the recent uptick in inflation as a basis for additional monetary tightening.

The recent inflation report, released by NBS, saw headline inflation edge up to 15.38% in March, while month-on-month inflation accelerated sharply to 4.18%, nearly double the level recorded in February.

The Centre described the development as underscoring the fragility of the disinflation process.

It attributed the recent uptick in inflation to renewed energy price pressures, which it argued has continued to permeate production, transportation and distribution costs across the economy.

“Energy remains a critical cost driver in Nigeria, given the persistent reliance on gas, diesel and petrol for power generation, logistics and industrial operations,” it stated.

Describing the implications as far-reaching, the Centre noted that the emerging trend suggests that while inflation had been moderating on a year-on-year basis, underlying structural vulnerabilities remain largely unresolved, with recent month-on-month increases pointing to renewed price momentum.

“The situation calls for urgent and targeted policy responses, as failure to address these supply-side drivers could reverse the fragile stability achieved and deepen the cost-of-living challenges facing households and businesses.

“While disinflation trends remain evident on a year-on-year basis, the resurgence of monthly inflation pressures signals that macroeconomic stability is still fragile.

“The policy response must therefore shift from a narrow focus on monetary tools to a broader strategy that addresses the structural drivers of inflation, particularly in energy, food and transportation,” the Centre added

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