Nigeria headline inflation has increased to 24.23 per cent in March 2025 after dropping for the last two consecutive months.
The National Bureau of Statistics (NBS) revealed in its latest consumer price index data on Tuesday, April 14.
This shows that headline inflation inched up in March from 23.18 per cent in February, reflecting mounting pressure on household incomes and the cost of living.
The reversal in the inflation figure came after the sharp decline witnessed in January and a subsequent slight drop in February, resulting from the rebasing of the country’s economy.
In January, the statistics office went into a rebasing exercise in which the items in its reference basket were reweighted and updated in its comparison period from 2009 to 2024.
This exercise saw the annual inflation rate fall from 34.80 per cent in December 2024 to 24.48 in January this year.
In February, headline inflation eased to 23.18 per cent from 24.48 per cent in January, The ICIR reported.
Prices of food and non-alcoholic beverages were the biggest contributor to the latest annual inflation figure.
Nigeria’s inflation had soared to a repeated 28-year high last year, spurred by President Bola Tinubu’s reforms on subsidy removal and unification of the exchange rate windows after assuming office on May 29, 2023.