Inflation rises to 15.38% in March from 15.06% in February

From Isaac Anumihe, Abuja

For the first time in several months, headline inflation rose to 15.38 per cent in March 2026 with food inflation recording 14.31 per cent in March 2026.

However, on a month-on-month basis, the food inflation rate in March 2026 was 4.17 per cent, down 0.52 percentage points from February 2026 (4.69 per cent). National Bureau of Statistics (NBS), attributed this to the rate of change in the average prices of the following products: Yam, ginger (fresh), cassava tuber, groundnuts (shelled), irish potatoes, avenger (ogbono/apon) – dried ungrounded—- tomatoes (fresh), cassava flour sold loose, etc.

The bureau also said that the average annual rate of food inflation for the twelve months ending March 2026 over the previous twelve-month average was 18.21 per cent, which was 17.81 per cent points lower compared with the average annual rate of change recorded in March 2025 (36.02 per cent).

However, looking at the movement, the March 2026 headline inflation rate showed an increase of 0.32 per cent compared to the February 2026 headline inflation rate.

On a month-on-month basis, the headline inflation rate in March 2026 was 4.18 per cent, which was 2.17 per cent higher than the rate recorded in February 2026 (2.01 per cent).

“This means that in March 2026, the rate of increase in the average price level was higher than the rate of increase in the average price level in February 2026,” the report said.

Earlier, the Statistician General of the Federation, Prince Adeyemi Adeniran had listed three major contributors to inflation.

They include, food and non-alcoholic beverages: 5.55 per cent; restaurants and accommodation services: 3.26 per cent, and transport: 1.80 per cent; while the least contributors are recreation, sport, and culture: 0.00 per cent. Alcoholic beverages, tobacco, and narcotics: 0.02 per cent and insurance and financial services: 0.02 per cent.

“The food inflation rate in March 2026 was 14.31 per cent on a year-on-year basis, lower than 25.22 per cent recorded in March 2025. Also, on a month-on-month basis, the food Inflation rate in March 2026 was 4.17 per cent, down by 0.52 per cent points from February 2026 (4.69 per),” he said.