The cost of living crisis in Nigeria deepened in March 2025 as the National Bureau of Statistics (NBS) reported a sharp rise in the country’s headline inflation rate, which surged to 24.23% from 23.18% recorded in February.
According to the Consumer Price Index (CPI) Report released today by the NBS, inflation jumped by 1.05 percentage points month-on-month, signaling continued economic pressure on households across the country.
The Bureau stated: “The Consumer Price Index (CPI) rose to 117.34 in March 2025, reflecting a 4.40-point increase from the preceding month. In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%.”
This marks yet another alarming rise in inflation, driven largely by food price volatility, transportation costs, and naira depreciation.
Analysts believe the persistent upward trend in inflation could further weaken consumer purchasing power and deepen hardship for millions of Nigerians.
The data from the NBS also suggests that the inflationary pressure has become more entrenched, posing fresh challenges for monetary policy makers at the Central Bank of Nigeria (CBN), which has been struggling to stabilize the economy amid ongoing forex instability and high energy prices.
The new inflation figures are already drawing reactions from economic observers and citizens, many of whom say the effects are evident in skyrocketing prices of essential goods and services across markets nationwide.
More details from the full CPI report, including breakdowns of food and core inflation components, are expected to be analyzed in the coming days as the nation grapples with its toughest inflation figures in recent years.
This is a developing story. Stay with ConfirmNews for updates.