INFLATION SNAPS BACK: Nigeria's 11-Month Price Slide Is Over

Nigeria's headline inflation rose to 15.38% in March 2026

NBS data shows March 2026 headline inflation at 15.38%, the first rise in a year

ABUJA. Nigeria's headline inflation climbed to 15.38% in March 2026, reversing a steady decline that had run for eleven consecutive months, the National Bureau of Statistics reported Wednesday.

The Consumer Price Index rose to 135.4 in March from 130.0 the previous month, a 5.4-point jump. On a monthly basis, prices rose 4.18%, the sharpest single-month increase since January 2025.

Transport costs drove much of the surge, rising 16.9% year-on-year as fuel prices linked to the Middle East conflict fed into logistics and distribution across the economy. Food inflation accelerated to 14.31% from 12.12% in February, driven by price increases in yam, tomatoes, cassava, and groundnuts.

The uptick represents the first reversal in the inflation trend in 12 months, following a steady decline that began in April 2025. Despite the reversal, the year-on-year figure remains significantly lower than the 27.35% recorded in March 2025.

For Nigerian SMEs, the data signals that the cost relief many businesses were counting on in 2026 has hit an inflection point. Businesses relying on repriced inputs or stabilised logistics costs must now reassess their forward projections.

Lagos recorded the lowest month-on-month inflation increase among states at 1.54%, while Zamfara (10.77%), Bauchi (9.37%) and Sokoto (9.05%) experienced the highest monthly price jumps.