April 16, 2025/CSL Research

• Nigeria’s headline inflation surprised to the upside in March, with the Consumer Price Index (CPI) climbing to 24.2% year-on-year (y/y), up from 23.2% in February, according to the National Bureau of Statistics (NBS).
• In terms of contributions to the increase in inflation, food and non-alcoholic beverages subcomponent, along with restaurants and accommodation services, contributed about 9.1% and 3.3%, respectively, to the rise in the CPI in March 2025.
• Combined, these categories accounted for about 51.2% of the overall increase in inflation.
• Taking the latest figures into account as well as macroeconomic developments so far this month (increased currency pressures as well as higher fuel prices in the first half of the month), we believe that inflation could edge higher in April.

Kindly click on the below link to download the full report.

​​​​​​​​​CSL Macro Report – March 2025 Inflation.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​