Nigeria CPI Rises to 135.4 as Inflation Edges Up to 15.38% in March 2026

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By Boluwatife Oshadiya | April 15, 2026

Key Points

• Nigeria’s headline inflation rises to 15.38% in March 2026 from 15.06% in February
• Consumer Price Index climbs to 135.4, reflecting a 5.4-point monthly increase
• Food, transport, and hospitality sectors remain the biggest inflation drivers

Main Story

Nigeria’s inflation rate increased marginally in March 2026, as rising consumer prices across key sectors pushed the headline rate to 15.38%, up from 15.06% recorded in February, according to the latest Consumer Price Index (CPI) data.

The CPI, which measures average price changes of goods and services relative to a 2024 base year, rose sharply to 135.4 in March, representing a 5.4-point increase from 130.0 in the previous month. The data indicates sustained price pressures despite a broader moderation compared to the 27.35% inflation recorded in March 2025.

On a month-on-month basis, inflation accelerated significantly to 4.18% in March, compared to 2.01% in February, suggesting a faster pace of price increases within a single month. This uptick reflects renewed cost pressures in consumer markets, particularly across food supply chains and service-driven sectors.

Food and non-alcoholic beverages remained the largest contributors to inflation on a year-on-year basis, accounting for 5.55 percentage points. This was followed by restaurants and accommodation services (3.26%), transport (1.80%), and health (1.27%). Housing, utilities, and education also contributed moderately to the overall price surge.

Urban inflation stood at 14.64% year-on-year, with a monthly increase of 3.16%, while rural inflation was significantly higher at 17.22% year-on-year, reflecting deeper cost pressures outside major cities. On a monthly basis, rural inflation surged sharply to 6.73%, compared to just 0.71% in February.

The 12-month average inflation rate rose to 20.05% in March 2026, up from 18.58% recorded in the corresponding period of 2025, highlighting persistent structural inflationary trends in the economy.

“The CPI framework reflects price data collected across all 36 states and the FCT, using a basket of 242 goods and services aligned with international COICOP standards,” the National Bureau of Statistics stated in its report.

The Issues

Nigeria’s inflation dynamics continue to reflect structural inefficiencies, particularly in food production, logistics, and energy supply. Persistent insecurity in agricultural regions, high transportation costs, and currency volatility have sustained upward pressure on consumer prices.

Additionally, the divergence between urban and rural inflation underscores uneven economic conditions, with rural households facing sharper price shocks due to weaker infrastructure and supply chain constraints.

What’s Being Said

“Food prices remain the dominant inflation driver, reflecting ongoing supply disruptions and cost pass-through effects across the value chain,” the National Bureau of Statistics noted.

“The rise in month-on-month inflation suggests renewed pressure on household purchasing power and may complicate monetary policy decisions in the coming months,” said a Lagos-based economic analyst.

What’s Next

• The next Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria is expected to assess inflation trends and determine interest rate direction
• Analysts anticipate continued monitoring of food supply conditions ahead of the mid-year harvest season
• Updated CPI rebasing and methodology adjustments may be introduced as statistical reforms continue

Bottom Line

The Bottom Line: Nigeria’s inflation may be moderating on a yearly basis, but the sharp monthly surge signals that price stability remains fragile. Without structural fixes in food supply and energy costs, inflationary pressures are likely to persist in the near term.