Prices Keep Climbing: Nigeria’s Inflation Hits 24.23% in March
It’s not just in your head—things really are getting more expensive.
According to new data from the National Bureau of Statistics (NBS), Nigeria’s inflation rose to 24.23% in March, up from 23.18% in February.
For most people, that means foodstuffs, transport, and even the basics are eating up more of their income. The numbers back up what Nigerians already feel every day at the market or on the street.
A Brief Pause in Food Price Surge
Oddly enough, food inflation dropped a bit. The stats show it landed at 21.79% in March, compared to 23.51% the month before. But many aren’t convinced that dip means much.
Earlier in the year, the government brought in some food imports to calm things down. That helped—for a while. But with local production still shaky and no solid fixes in place, the relief didn’t last long.
What’s Behind the Spike?
No big surprises here. A few familiar culprits are driving the price hikes:
- Fuel prices are still high, making it costlier to move goods.
- The naira’s value keeps sliding, which pushes up the price of imports.
- And in some farming areas, security problems are keeping food from reaching the markets.
When transportation and farming are both struggling, it’s no shock that prices climb.
Everyday Impact
Ask around and you’ll hear the same story: food is expensive, fuel is worse, and people are adjusting however they can. One person skips breakfast so their kids can eat lunch. Another now walks to work because transport fares are just too much.
A small dip in one sector won’t ease that burden. Many Nigerians feel they’re on their own while the numbers keep climbing.
What Needs to Change?
Experts keep saying it: importing food might help for a month or two, but it’s not a long-term solution. What’s needed is real investment in local farming, better security in rural areas, and some breathing room for the currency.
Until then, inflation won’t just be a number—it’ll be a daily struggle.