Nigeria’s inflation rate has gone up again, according to new data released by the National Bureau of Statistics (NBS). The annual inflation rate stood at 24.23% in March 2025, rising from 23.18% recorded in February. This is the first time inflation has gone up this year, and it has brought fresh concerns for many Nigerians who are already struggling with the high cost of living.
The main reason behind the increase is the continuous rise in prices of food and non-alcoholic drinks. According to NBS, food inflation alone hit 21.79%, with month-on-month food prices going up by 2.18%. In February, this increase was 1.67%, so it is clear that food items are getting more expensive at a faster pace. Many Nigerians are already complaining about the price of basic items like rice, garri, bread, and vegetables, which have gone up significantly in the last few weeks.
Transportation costs and services like hotels and restaurants also contributed to the inflation. These sectors have been affected by the rising cost of fuel and general business expenses. Drivers and transport operators, for instance, continue to pass on the cost of petrol and maintenance to passengers. For people who rely on public transport to get to work or run their businesses, this has become a big challenge.
Experts believe that the rise in inflation is linked to the economic reforms introduced by President Bola Ahmed Tinubu in 2023. One of the major decisions taken by the Tinubu administration was the removal of fuel subsidy, which caused a sharp increase in fuel prices across the country. In addition, the government devalued the naira to align with market forces. While these policies were meant to bring long-term stability and attract foreign investments, they have brought short-term pain to Nigerians who now face higher prices for goods and services.
The National Bureau of Statistics also made changes to how it measures inflation by updating the Consumer Price Index (CPI) basket. The new CPI now uses 2024 as its base year. This means that the way inflation is calculated has changed slightly, but the numbers still show that the cost of living is rising fast. Even with the rebasing, the inflation figure remains high, and this continues to worry both government officials and ordinary citizens.
Despite the challenges, the Central Bank of Nigeria (CBN) is staying optimistic. The bank has predicted that Nigeria’s economy will grow by 4.17% in 2025. It believes that the reforms introduced by the Tinubu administration will start yielding results later in the year. However, the rising cost of goods and services continues to affect the lives of ordinary Nigerians. Many are hoping that the government will come up with fresh ideas and policies to reduce the hardship and make life easier.
Nigerians are watching and waiting. The inflation numbers are not just statistics – they are a reflection of what people feel every day in the market, at the fuel station, and in their homes. Policymakers are under pressure to act fast and provide relief. How the government responds in the coming months may determine whether things get better or worse for the average Nigerian.
