The National Bureau of Statistics indicates that Nigeria’s annual inflation rate increased from 23.18% in February to 24.23% in March 2025.

The rise in food and non-alcoholic beverage costs is attributed to the increase, as they continue to be the primary drivers of inflation in the country.

Since 2005, this is the highest inflation rate in Nigeria, raising concerns about consumer buying power and the overall economic condition.

The inflation spike follows economic policies enacted by President Bola Tinubu after his 2023 electoral victory, which include the devaluation of the naira and the elimination of petroleum subsidies.

A recent rebasing initiative by the statistics office altered the reference basket and comparison period from 2009 to 2024, resulting in a statistical adjustment that reduced reported inflation from 34.80% in December 2024 to 24.48% in January 2025.

Despite this alteration, the inflation rate has continued to rise in recent months.