Nigeria’s inflationary pressure edged higher in March 2026, with the country’s headline inflation rate rising to 15.38%, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). This represents a slight increase from 15.06% recorded in February 2026, signaling continued but moderate acceleration in price levels across key sectors of the economy.
The CPI itself rose to 135.4 in March, marking a 5.4-point increase from the previous month’s 130.0, underscoring sustained upward movement in the general price level of goods and services nationwide.
On a year-on-year basis, the March 2026 inflation figure stood significantly lower than the 27.35% recorded in March 2025, reflecting a broad easing compared to the previous year’s inflationary peak, even as short-term pressures persist.
Month-on-Month Acceleration Signals Renewed Price Pressures
The month-on-month inflation rate for March 2026 came in at 4.18%, a sharp increase from 2.01% recorded in February, indicating that prices rose at a faster pace within the month under review. This acceleration highlights renewed short-term pressures in the cost of living despite relative year-on-year moderation.
The average 12-month inflation rate ending March 2026 rose to 20.05%, compared to 18.58% recorded in the corresponding period of 2025, reflecting a gradual upward drift in long-term price trends.
Urban and Rural Inflation Trends Diverge
Inflation patterns across urban and rural areas showed notable divergence. Urban inflation stood at 14.64% year-on-year, with a month-on-month increase of 3.16%, slightly higher than the previous month. However, its 12-month average of 20.04% showed a marginal decline compared to the 20.10% recorded in March 2025.
Rural inflation, by contrast, remained significantly higher at 17.22% year-on-year. Monthly rural inflation surged to 6.73%, a sharp jump from 0.71% in February, indicating stronger price pressures in non-urban areas. The 12-month rural average rose to 19.74%, up from 16.81% a year earlier.
Food Inflation Eases Monthly but Remains Elevated
Food inflation, a key driver of household spending pressure, recorded 14.31% year-on-year in March 2026, significantly lower than the 25.22% seen in March 2025. On a monthly basis, however, food inflation slowed slightly to 4.17%, down from 4.69% in February.
The moderation was linked to slower price increases in staple food items including yam, fresh ginger, cassava tubers, shelled groundnuts, Irish potatoes, dried ogbono, tomatoes, and cassava flour.
Despite this monthly slowdown, food inflation remains a central pressure point in household consumption patterns, especially in lower-income communities.
Core Inflation Shows Mixed Signals
Core inflation—which excludes volatile agricultural produce and energy costs—stood at 16.21% year-on-year in March 2026, marking a significant decline from 27.12% in March 2025.
On a monthly basis, however, core inflation rose sharply to 4.03%, compared to 0.89% in February, suggesting renewed cost pressures in non-food and energy-related goods and services.
The 12-month average for core inflation was 21.09%, lower than the 27.34% recorded in the previous year, indicating gradual easing in underlying inflation trends despite short-term volatility.
Regional Inflation Patterns Highlight Uneven Pressures
Inflation across states showed wide disparities. On a year-on-year basis, Bayelsa recorded the highest headline inflation at 27.37%, followed by Sokoto at 26.03% and Bauchi at 23.67%. In contrast, Osun (5.25%), Kano (9.85%), and Kaduna (10.38%) recorded the lowest increases.
Month-on-month figures revealed a different pattern, with Zamfara (10.77%), Bauchi (9.37%), and Sokoto (9.05%) experiencing the fastest price increases. Meanwhile, Lagos (1.54%), Akwa Ibom (1.80%), and Rivers (1.89%) recorded relatively modest monthly inflation growth.
Food Inflation Highly Uneven Across States
Food inflation also varied significantly across the country. On a year-on-year basis, Bayelsa (33.35%), Sokoto (28.02%), and Adamawa (21.67%) recorded the highest increases, while Kano (4.29%), Oyo (4.86%), and Katsina (7.48%) experienced the slowest rises.
On a month-on-month basis, Sokoto (11.78%), Niger (8.59%), and Gombe (8.10%) led food inflation increases. At the lower end, Katsina (0.09%), Ogun (0.77%), and Adamawa (1.30%) recorded the most stable food price movements.
Outlook: Mixed Relief Amid Persistent Pressures
While headline and food inflation show signs of easing on a year-on-year basis compared to 2025, short-term monthly increases suggest that price stability remains fragile. Rural communities and high-inflation states continue to experience stronger pressure, highlighting persistent structural imbalances in supply chains and cost distribution across Nigeria’s economy.