By Zainab Imam
In yet another grim reminder of Nigeria’s worsening economic crisis, the National Bureau of Statistics (NBS) has announced a significant jump in the country’s inflation rate, which surged to 24.23% in March 2025, up from 23.18% in February. This unsettling rise, detailed in the NBS’s latest Consumer Price Index (CPI) report released on Tuesday, paints a sobering picture of a nation grappling with skyrocketing costs and deepening poverty.
According to the report, the CPI for March climbed by 4.4 points to 117.34, marking a month-on-month increase of 1.05%. This sharp uptick reflects the relentless pressure on households as prices of essential goods and services continue to spiral, driven by factors such as fuel scarcity, volatile exchange rates, and insecurity affecting food production and distribution.
Analysts say the implications are dire: food prices remain the largest contributor to inflation, with staples like rice, garri, and yams increasingly becoming luxury items for many families. Transport costs have also surged, with commuters across the country lamenting fare hikes as fuel prices fluctuate wildly.
“This is not just a statistic—it’s a daily reality for millions,” said Amina Yusuf, a Lagos-based economist. “A jump in inflation means diminished purchasing power, increased hunger, and more Nigerians falling below the poverty line.”
The report comes amid mounting public frustration and growing calls for the federal government to implement urgent economic reforms. Many observers are pointing fingers at the continued removal of fuel subsidies and the Central Bank’s policy decisions, which they claim have not been matched by adequate social welfare programs.
For now, Nigerians are left to grapple with the reality of rising inflation and dwindling hope. The cost of survival has never felt higher, and the question on every lip is the same: how much more can the people endure?
More updates to follow as the story develops.