April 15, 2025/CSL Research

• Data from the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation rose to 24.2% year-on-year in March, up from 23.2% recorded in the previous month.
• Similarly, core inflation – which excludes volatile food and energy prices – continued its upward trend, climbing to 24.4% year-on-year in March from 23.0% in February.
• In contrast, food inflation eased to 21.8% in March, down from 23.5% in the previous month.
• On a monthly basis, the price pressures were noticeable, with headline, food, and core inflation rising by 3.9%, 2.2%, and 3.7% respectively – significantly higher than the 2.0%, 1.7%, and 2.5% recorded in February.
• It is worth noting that the rise in inflation defied market expectations of a decline, which had been anticipated following the recent rebasing of the CPI methodology and the relative stability of the local currency.