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Economy

Nigeria’s Headline Inflation Surges, Hits 24% in March

Genesis Obong
By Genesis Obong
Published: April 16, 2025
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3 Min Read
Headline Inflation Nigeria 2025
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Nigeria’s headline inflation rate climbed to 24.23% in March 2025, marking a significant increase from the 23.18% recorded in February 2025, according to the National Bureau of Statistics (NBS). This surge in the Consumer Price Index (CPI) is putting increased pressure on households across the nation, but the impact varies significantly from state to state.

Key Inflation Drivers:

The CPI, which rose to 117.34 in March 2025 (a 4.40-point increase from February), serves as a key indicator of the average change in prices of goods and services consumed by people. The year-on-year headline inflation rate showed an increase of 1.05% compared to the previous month, while the month-on-month rate jumped to 3.90% in March 2025, up by 1.85% from February’s 2.04%.

State-by-State Analysis:

The burden of this rising inflation is not felt equally across Nigeria.

  • Highest Inflation: In March 2025, Kaduna (33.33%), Osun (32.08%), and Kebbi (30.74%) recorded the highest year-on-year headline inflation rates, indicating that residents in these states are facing the steepest increases in the cost of living.
  • Lowest Inflation: Conversely, Akwa Ibom (12.81%), Bayelsa (14.02%), and Sokoto (14.83%) experienced the lowest year-on-year headline inflation, offering some relative relief to their residents.
  • Monthly Spikes: On a month-on-month basis, Kaduna (18.85%), Osun (16.49%), and Oyo (14.44%) saw the sharpest increases in March 2025, suggesting a rapid acceleration of living costs within a single month.
  • Monthly Declines: Interestingly, Sokoto (-8.66%), Nasarawa (-4.38%), and Kwara (-3.69%) recorded the lowest rise in month-on-month inflation, and in fact, showed a decline, which is an unusual trend in the current inflationary environment.

Impact on Urban and Rural Areas:

The inflation trend also varies between urban and rural areas. In March 2025, the urban inflation rate was 26.12% year-on-year and 3.96% month-on-month, while the rural inflation rate was 20.89% year-on-year and 3.73% month-on-month. This highlights that urban centers are generally experiencing higher inflationary pressures compared to rural areas.

Drivers of Headline Inflation:

The key contributors to the headline index at the divisional level include:

  • Food and Non-Alcoholic Beverages (9.28% YoY contribution, 0.82% MoM)
  • Restaurants and Accommodation Services (2.99% YoY, 0.26% MoM)
  • Transport (2.47% YoY, 0.22% MoM)
  • Housing, Water, Electricity, Gas, and Other Fuels (1.95% YoY, 0.17% MoM)

These sectors are significantly impacting the overall inflation rate and, consequently, household budgets.

Nigeria’s rising headline inflation presents a complex economic challenge with varied impacts across states and regions. Understanding these differences is crucial for policymakers and citizens alike in navigating the current economic climate.

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TAGGED:cost of livingCPIEconomyheadline inflationInflationstate inflation
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ByGenesis Obong
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Genesis Obong is a Journalist with relevant experience in Business, Finance and Economic matters in Nigeria and across the West African space.
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