Inflation · 2 min read · March 2026

Nigeria's Inflation Data for March 2026

Sources: NBS · Aztran Research

Headline Inflation

15.38%

From 27.35% in March 2025

4.18% MoM

From 2.01% in February 2026

Core Inflation

16.21%

From 27.12% in March 2025

4.03% MoM

From 0.89% in February 2026

Headline Inflation

  • Headline inflation picked up slightly on a year-on-year basis, rising to 15.38% from 15.06% in February.
  • On a month-on-month basis, inflation accelerated sharply to 4.18%, up from 2.01% in February.

Key Drivers

  • Food & Non-Alcoholic Beverages contributed the largest share (5.55% YoY; 1.98% MoM).
  • The uptick in headline inflation on a year-on-year basis points to stronger price pressures relative to February, while the sharp increase in month-on-month inflation signals a significant acceleration in near-term price momentum, with rising energy prices also contributing to the pressure.

Food Inflation

  • Month-on-month food inflation eased slightly to 4.17% from 4.69% in February, but remains elevated, indicating continued pressure from supply constraints and distribution challenges.
  • YoY food inflation moderated to 14.31% (from 25.22%), while month-on-month pressures eased to 4.17%, reflecting slower increases in staples like yam and cassava.

Core Inflation

  • Core inflation (YoY) slowed to 16.21% from 27.12% in March last year, indicating easing underlying price pressures.
  • MoM core inflation surged to 4.04% from 0.89% in February, reflecting a sharp pickup in short-term price momentum across key sectors.

Outlook

  • Despite easing year-on-year inflation, the sharp rise in month-on-month pressures suggests renewed near-term inflation risks, likely keeping fixed income yields elevated as markets price in sustained policy tightening by the Central Bank of Nigeria.

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