Nigeria’s Inflation Rises to 15.69% in April 2026

Nigeria’s headline inflation rate rose to 15.69% in April 2026, up from 15.38% recorded in March.

This is according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).

The latest figure reflects renewed consumer price pressures across the economy despite a sharp moderation in month-on-month inflation and a significant decline compared to inflation levels recorded in the same period last year.

Data from the NBS showed that inflation increased by 0.31 percentage points on a year-on-year basis in April, underscoring lingering pressures from food prices, energy costs, and broader supply-chain disruptions.

The NBS report showed that month-on-month inflation slowed to 2.13% in April from 4.18% recorded in March.

The data further shows:

The twelve-month average Consumer Price Index stood at 19.16%, lower than the 19.33% recorded in April 2025.

Urban inflation was 15.40% year-on-year, while rural inflation stood higher at 16.36%.

Food inflation rose to 16.06% year-on-year, although significantly lower than the 24.68% recorded in April 2025.

The NBS attributed the rise in food prices to increases in the cost of key staples, including millet, yam flour, fresh ginger, beef, garri, beans, tomatoes, wheat grain, soybeans, and plantain.

The report also showed that core inflation, which excludes volatile agricultural produce and energy prices, stood at 15.86% year-on-year in April 2026, down significantly from 26.05 per cent recorded in the corresponding period of 2025.

The latest inflation data comes amid renewed global commodity price pressures linked to rising geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz.

According to recent market data:

Brent crude oil rose sharply to $120.4 per barrel in April from $103.7 in March.

The World Bank Energy Index climbed to 146.4 points from 130.6 points.

The FAO Food Price Index increased by 1.6% to 130.7 points, marking its third consecutive monthly increase.

Global food prices for wheat and maize also recorded further increases during the month.

Across major economies, inflationary pressures also intensified:

United States inflation rose to 3.8% from 3.3%.

Euro Area inflation increased to 3.0% from 2.6%.

Kenya’s inflation accelerated to 5.6%, while Ghana’s rose slightly to 3.4%.

The latest inflation figure also came in slightly below the 16.42% projection earlier released by the Financial Markets Dealers Association (FMDA), suggesting that while price pressures remain elevated, inflation may be moderating faster than expected in some segments of the economy.

The latest figures are also likely to influence the next Monetary Policy Committee meeting of the Central Bank of Nigeria, where policymakers are expected to assess whether current monetary tightening measures are sufficient to sustain disinflation and stabilise consumer prices.

The CBN is scheduled to hold its 305th Monetary Policy Committee meeting next week, with investors watching for policy direction.

At its last meeting, the CBN reduced the Monetary Policy Rate (MPR) by 50 basis points to 26.5 per cent from 27 per cent.