After eleven consecutive months of declining prices, Nigeria's headline inflation reversed course in March 2026, rising to 15.38% year-on-year from 15.06% in February. While the annual uptick of 0.32 percentage points was modest, the monthly surge told a sharper story: prices climbed 4.18% month-on-month, the steepest single-month rise since January 2025.
The reversal was largely externally driven. Brent crude prices spiked 42% in a single month, from roughly $73/bbl in February to $104/bbl in March, as Middle East tensions and Strait of Hormuz risks pushed domestic fuel and transport costs sharply higher. Transport inflation hit 16.9% year-on-year, while food prices accelerated 4.17% on the month, compounded by insecurity in key food-producing regions and naira volatility.
