Nigeria Inflation Climbs to 15.38% in March as Energy and Food Prices Surge

Nigeria’s inflation rate rose unexpectedly to 15.38% in March, driven by increasing energy and food costs, according to new data from the National Bureau of Statistics. The figure marks an increase from 15.06% recorded in February, defying market expectations of a decline. On a month-to-month basis, consumer prices also climbed by 4.2%, highlighting growing cost pressures across the economy.

The data further showed that food inflation stood at 14.31%, while core inflation—which excludes food and energy—reached 16.21%, indicating sustained underlying price pressures. Analysts link the rise to global disruptions caused by the ongoing Middle East conflict, which has affected commodity supply chains. In a joint statement, the International Energy Agency, International Monetary Fund, and World Bank noted that the crisis has driven up oil, gas, and fertiliser prices, placing additional strain on energy-importing economies like Nigeria.

The situation has been worsened by continued disruptions around the Strait of Hormuz, a key global energy corridor, raising concerns about higher import costs. These developments are expected to further impact domestic prices, adding pressure on households and businesses already navigating a challenging economic environment.