Nigeria’s headline inflation rose by 32bps to 15.38% y/y in March (February: 15.06% y/y) – the first increase since March 2025. The outturn is 2bps lower than our revised estimate of 15.40% y/y. On a month-on-month basis, consumer prices rose at a faster pace by 4.18% (February: 2.01% m/m).
Breaking it down, food inflation jumped by 219bps to 14.31% y/y in March (February: 12.12% y/y). On a month-on-month basis, food prices rose by 4.17% (February: 4.69% m/m), primarily due to price increases in the following products: Yam, Ginger (Fresh), Cassava Tuber, Groundnuts (Shelled), Irish Potatoes, Avenger (Ogbono/Apon) – Dried Ungrinded, Toma toes (fresh), Cassava Flour sold loose, etc.
At the same time, core inflation (all items excluding farm produce and energy) increased by 33bps to 16.21% y/y in March (February: 15.88% y/y). On a month-on-month basis, the core index rose sharply by 4.03% (February: 0.89% m/m).
