Nigeria’s inflation rate rose to 15.38 percent in March, official data showed Wednesday, underscoring renewed monthly price pressures even as annual inflation remains well below levels seen a year earlier.
Figures released by the National Bureau of Statistics showed the headline rate increased slightly from 15.06 percent in February, marking a modest reversal after months of gradual easing.
However, the data also highlighted a sharper short-term rise in prices, suggesting underlying inflationary pressures are still building in Africa’s largest economy.
On a month-on-month basis, inflation jumped to 4.18 percent in March from 2.01 percent in February, indicating a faster pace of price increases within the month.
The Consumer Price Index, which tracks the average cost of goods and services, rose to 135.4 in March from 130.0 in February.
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The report showed that core inflation — which excludes volatile food and energy prices — stood at 16.21 percent year-on-year, reflecting persistent underlying cost pressures across the economy.
While lower than the 27.12 percent recorded in the same period last year, core inflation remains elevated, suggesting that broader price stability has yet to fully take hold.
On a monthly basis, core inflation also accelerated sharply to 4.03 percent in March, compared with 0.89 percent in February.
The data pointed to widening disparities between urban and rural inflation trends. Urban inflation stood at 14.64 percent year-on-year, while rural inflation was higher at 17.22 percent, highlighting stronger price pressures outside major cities.
Monthly rural inflation surged to 6.73 percent, significantly outpacing the 3.16 percent recorded in urban areas, suggesting that households in rural communities are bearing a heavier cost burden.
Economists say the mixed inflation picture reflects a transition phase, where annual rates are easing due to base effects, but short-term price dynamics remain volatile.
The inflation readings come as Nigeria continues to grapple with cost-of-living pressures driven by exchange rate volatility, supply constraints and higher logistics costs.
Although the annual figure signals some moderation compared with March last year, the acceleration in monthly inflation suggests that price stability remains fragile.
For households, the latest data mean that while headline inflation appears to be slowing, day-to-day expenses continue to rise, keeping pressure on incomes and purchasing power.
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Analysts warn that sustained monthly increases could complicate monetary policy efforts aimed at stabilising prices, particularly if food and transport costs continue to climb in the coming months.
