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JUST IN: Nigeria’s Inflation Rate Climbs to 24.23% Despite Rebase
Nigeria’s inflation rate has risen to 24.23 percent in March 2025, marking the first increase since the Consumer Price Index (CPI) was rebased in January. This was disclosed by the National Bureau of Statistics (NBS) in its latest CPI report released on Tuesday.
The new figure represents a significant jump from the 23.18 percent recorded in February, signaling a renewed surge in price levels despite earlier signs of relief. According to the NBS, the month-on-month headline inflation rate also increased to 3.90 percent in March.
Food inflation stood at 21.79 percent year-on-year for the same period, underscoring continued pressure on household spending and food accessibility across the country.
This development could pose a fresh dilemma for the Central Bank of Nigeria’s Monetary Policy Committee (MPC), which had opted to maintain the benchmark interest rate at 27.50 percent during its last meeting in February. With inflation once again on the rise, all eyes will be on the MPC’s next move in the ongoing effort to stabilize the economy.