Manny Ita –
Nigeria’s headline inflation rate rose to 15.69% in April 2026, according to data released by the National Bureau of Statistics (NBS), marking a slight increase from 15.38% recorded in March.
The report shows that although inflation continues to rise on a yearly basis, the pace of monthly price increases has slowed. Month-on-month inflation fell to 2.13% in April from 4.18% in March, indicating a moderation in short-term consumer price pressures.
Food inflation increased to 16.06% year-on-year, reflecting sustained pressure on household food costs. However, this is significantly lower than the 24.68% recorded in April 2025. The rise was driven largely by higher prices of staple items including garri, beans, yam flour, millet, tomatoes, plantain, beef, and wheat products.
Urban inflation was recorded at 15.40%, while rural inflation stood higher at 16.36%, showing that rural households continue to experience stronger cost-of-living pressures compared to urban areas.
Core inflation, which excludes volatile food and energy prices, came in at 15.86%, down from 26.05% recorded in the corresponding period of 2025. This suggests a broad easing in underlying inflationary pressures compared to last year.
The report attributes ongoing inflation to factors such as elevated energy and transportation costs, disruptions in supply chains, and persistent pressure from global commodity markets. Rising international oil and food prices were also cited as contributing influences.
The development is expected to shape monetary policy direction at the Central Bank of Nigeria (CBN), as policymakers assess whether current tightening measures remain sufficient. The CBN, which recently adjusted its Monetary Policy Rate to 26.5%, is expected to review further steps to manage inflation and stabilize prices in the coming policy meeting.
