The latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) showed that in March 2025, the Headline inflation rate rose to 24.23%, an increase of 1.05% points relative to 23.18% in February 2025.
On a year-on-year basis, the Headline inflation rate was 8.97% lower than 33.20% recorded in March 2024 (33.20%), and the Headline inflation rate in March 2025 stood at 3.90%.
The rise in inflation for the month was majorly due to the increase in energy prices, following the discontinuation of the naira-for-crude initiative by the NNPCL, leading to the sale of Petrol in dollars by Dangote Refinery to its Marketers.
This pushed fuel prices up, leading to corresponding increases in Transportation costs, food prices and services cost. This was seen as Energy inflation rose to 9.21% in March compared to -0.99% in February.
Currency depreciation also impacted importations, as well as supply chain disruptions following the attacks on farmlands by bandits and seasonal diseases attacking crops, contributing to the increases in food prices.
In March 2025, All Items Inflation rate on a Year-on-Year basis was highest in Kaduna (33.33%), Osun (32.08%), and Kebbi (30.74%), while Akwa Ibom (12.81%), Bayelsa (14.02%), Sokoto (14.83%) recorded the lowest rise. On a Month-on Month basis, however, the highest increases were in Kaduna (18.85%), Osun (16.49%), Oyo (14.44%), while Sokoto (-8.66%), Nasarawa (-4.38%) and Kwara (-3.69%) saw declines in All Items Inflation.
Food inflation on a Year-on-Year basis was highest in Oyo (34.41%), Kaduna (31.14%), Kebbi (30.85%), while Bayelsa (9.61%), Adamawa (12.41%), and Akwa Ibom (12.60%) recorded the slowest rise in Food inflation. On a Month-on-Month basis, however, March 2025 Food inflation was highest in Oyo (19.74%), Kaduna (17.24%), and Kebbi (14.03%) while Sokoto (-14.10%), Nasarawa (-9.91%) and Edo (-5.78%) recorded decline in Food inflation on Month-on-Month basis.
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Sources: NBS, Alpha10 Research