Economy
Nigeria inflation rises to 15.38% as food prices surge
Nigeria inflation rises March 2026 to 15.38% as food, transport, and housing costs push prices higher, according to the National Bureau of Statistics
Nigeria’s inflation rate rose to 15.38 per cent in March 2026, reversing a recent easing trend as rising food, transport, and accommodation costs pushed prices higher, according to the National Bureau of Statistics (NBS).
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The figure marks the first increase in headline inflation since March 2025, signalling renewed pressure on household spending across the country.
The latest Consumer Price Index report released on Wednesday showed that inflation rose from 15.06 per cent in February 2026 to 15.38 per cent in March 2026.
The NBS noted that the Consumer Price Index climbed to 135.4 points in March, reflecting a steady increase in the cost of goods and services.
On a monthly basis, inflation also accelerated sharply, indicating faster price increases within a short period.
Food and non-alcoholic beverages remained the largest contributors to inflation, followed by restaurants, accommodation services, and transport costs.
Food inflation continued to place significant pressure on households, driven by rising prices of staple items such as yams, cassava, tomatoes, and potatoes.
Urban inflation stood at 14.64 per cent, while rural inflation was higher at 17.22 per cent, highlighting stronger price pressures outside major cities.
The report also showed a sharp monthly spike in rural inflation, which rose to 6.73 per cent in March from 0.71 per cent in February.
Core inflation, which excludes volatile food and energy items, increased to 16.21 per cent year-on-year, indicating broader underlying price pressures.
Despite being lower than March 2025 levels, the data suggests inflationary momentum is building again across key sectors of the economy.
At the state level, inflation varied widely, with Bayelsa recording the highest rate, while Osun posted the slowest increase.
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The World Bank has warned that rising global oil prices could further push inflation higher in Nigeria, particularly through fuel, transport, and food supply chains.
Cash outside Nigerian banks rose to N4.92tn in September 2026 as Nigeria’s broad money supply increased to N146.6tn, CBN data show
Cash outside Nigerian banks rose to N4.92tn in September 2026, an increase of N48.73bn from the N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.
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The latest figures also showed an expansion in Nigeria’s broad money supply, which increased to N146.6tn in September from N139.09tn in the previous month.
The growth represents an increase of N7.51tn within one month, reflecting a broader expansion in the amount of money circulating across the economy.
The CBN data further showed that narrow money, which consists of currency in circulation and highly liquid deposits, rose to N44.05tn in September from N43.11tn in August.
Cash held outside banks refers to physical currency kept by individuals and businesses rather than within the banking system.
Broad money, by contrast, covers a wider range of monetary assets, including cash, demand deposits, savings and time deposits, as well as foreign currency deposits.
Nigeria’s broad money supply increased by 18.3 per cent between January and September, rising from N123.95tn to N146.6tn, the data indicated.
The latest increase followed the CBN’s decision in September to reduce its benchmark interest rate by 350 basis points, bringing it down from 26.5 per cent to 23 per cent.
The reduction was reported as the largest cut in the benchmark rate since December 2006.
Despite the rate cut, the Monetary Policy Committee retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.
The committee also maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.
The Cash Reserve Requirement determines the proportion of eligible deposits that banks must hold as reserves with the central bank.
It is one of the monetary policy tools used to influence banking-sector liquidity and credit conditions.
The rise in cash outside Nigerian banks formed part of the broader increase in money supply.
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However, the figures alone do not establish why households and businesses held more physical cash or how much of the increase was driven by spending, savings behaviour or other economic factors.
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