Nigeria’s inflation rate climbed to 15.38 percent in March 2026, up from 15.06 percent recorded in February, as rising petrol prices intensified cost pressures across the economy, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report revealed a sharp acceleration in month-on-month inflation, which rose to 4.18 percent in March from 2.01 percent in February, indicating a faster increase in the prices of goods and services nationwide.
A major factor behind the surge was the increase in petrol prices during the month. Higher fuel costs drove up transportation fares and significantly raised the cost of distributing goods, with ripple effects felt across food markets, supply chains, and service sectors. This further deepened the cost-of-living burden on households.
Experts say fuel remains a central driver of Nigeria’s economy, and any increase in petrol prices quickly translates into higher production, logistics, and retail costs.
Data from the NBS identified food and non-alcoholic beverages, transport, and restaurant and accommodation services as the primary contributors to the inflation rise.
Although food inflation slowed year-on-year to 14.31 percent compared to 25.22 percent in March 2025, it still increased on a monthly basis by 4.17 percent. This was largely due to higher prices of staple foods such as yam, cassava, potatoes, tomatoes, ginger, and groundnuts.
Rural inflation also rose to 17.22 percent, with states like Bayelsa, Sokoto, and Bauchi experiencing some of the highest price levels, highlighting uneven cost pressures across the country.
The NBS noted that the CPI figures are now based on a rebased methodology, with 2024 as the base year and 2023 as the reference period, to better reflect current consumption patterns.
Sectoral analysis showed that food and non-alcoholic beverages contributed 5.55 percent to headline inflation, followed by restaurants and accommodation services at 3.26 percent, and transport at 1.80 percent.
Overall, the report underscores how rising fuel prices and broader structural challenges continue to push inflation upward, placing sustained financial pressure on Nigerian households.
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