Inflation edges up to 15.38% as food, transport costs rise again

Nigeria’s inflation rate rose to 15.38 per cent in March 2026, ending a period of steady moderation as renewed increases in food, transport and housing-related costs pushed consumer prices higher, according to the National Bureau of Statistics (NBS).

The figure represents a rise from 15.06 per cent recorded in February 2026, marking the first monthly increase in headline inflation since March 2025 and signalling a fresh wave of price pressures on households.

The NBS Consumer Price Index report released on Wednesday showed that the index rose to 135.4 points in March, compared to 130.0 points in February, reflecting a notable jump in the general price level.

On a month-on-month basis, inflation accelerated sharply to 4.18 per cent in March from 2.01 per cent in February, highlighting faster increases in prices within the month.

Although the latest reading is still below the 27.35 per cent recorded in March 2025, analysts say the upward movement suggests renewed inflationary momentum after months of easing.

Food and non-alcoholic beverages remained the biggest driver of inflation, contributing 5.55 percentage points to the headline figure. This was followed by restaurants and accommodation services at 3.26 percentage points, and transport at 1.80 percentage points.

Food inflation stood at 14.31 per cent year-on-year, up from 12.12 per cent in February 2026, reflecting higher prices of staples such as yam, cassava, tomatoes and potatoes. On a monthly basis, food inflation was 4.17 per cent.

Core inflation, which excludes volatile food and energy items, also rose to 16.21 per cent year-on-year, indicating broader price increases across other sectors of the economy.

The report showed a widening gap between urban and rural inflation. Urban inflation stood at 14.64 per cent, while rural inflation was significantly higher at 17.22 per cent, suggesting stronger cost pressures outside major cities.

On a monthly basis, rural inflation surged to 6.73 per cent from just 0.71 per cent in February, pointing to a steep increase in rural living costs.

The 12-month average inflation rate for the period ending March 2026 rose to 20.05 per cent, compared to 18.58 per cent in the same period of 2025, indicating persistent medium-term price pressures.

At the state level, inflation remained uneven across the country. Bayelsa recorded the highest year-on-year rate at 27.37 per cent, followed by Sokoto at 26.03 per cent and Bauchi at 23.67 per cent. Osun recorded the lowest at 5.25 per cent, while Kano and Kaduna posted 9.85 per cent and 10.38 per cent respectively.

On a monthly basis, Zamfara led with a 10.77 per cent increase, followed by Bauchi at 9.37 per cent and Sokoto at 9.05 per cent, while Lagos, Akwa Ibom and Rivers recorded the slowest rises.

The NBS cautioned that differences in inflation rates across states reflect varying consumption patterns and weighting structures, making direct comparisons difficult.