TUE APRIL 15 2025-theGBJournal| Nigeria headline inflation rose 105bps to 24.23% y/y in March (February: 23.18% y/y), the National Bureau of Statistics office said on Tuesday, an unsurprising shift in the wrong direction.
On a monthly basis, consumer prices equally rose to 3.90%, 1.85% higher than the February: figure (2.04% m/m), reflecting a rapid rise in the average price level.
The Food inflation rate in March 2025 was 21.79% on a year-on-year basis. However, on a monthly basis, the food inflation rate in March 2025 climbed to 2.18%, up by 0.50% compared to February 2025 (1.67%).
The NBS said the increase can be attributed to the rate of increase in the average prices of Ginger (fresh), Garri (Yellow), Broken Rice (Ofada), Honey (Natural Production), Crabs, Potatoes, Plantain Flour, Periwinkle (Unshelled), Pepper (Fresh), etc.
On the other hand, core inflation, which excludes the prices of volatile agricultural produces and energy stood at 24.43% in March 2025 on a year-on-year basis.
On a month-on-month basis, the Core Inflation rate was 3.73% in March 2025 up by 1.21% compared to February 2025 (2.52%).
Inflation across the newly introduced indices, including Services (3.38% to 3.44% in March) and Goods (1.29% to 3.89%), also rose during the period. Farm Produce (1.77% to 2.64%) and Energy -099% to 9.21%) indices also rose.
Analysts believe the Ramadan and Eid festivities exerted upward pressure on prices.
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