Nigeria's headline inflation rate increased to 15.69 percent in April 2026, up from 15.38 percent in March 2026, according to data from the National Bureau of Statistics. The 0.31 percentage point rise suggests renewed upward pressure on prices after a temporary easing the previous month. Despite the monthly increase, the current figure remains markedly lower than the 26.82 percent recorded in April 2025, pointing to a broader year-on-year decline in inflation.
On a month-on-month basis, inflation fell sharply to 2.13 percent in April 2026 from 4.18 percent in March 2026, indicating a slowdown in the pace of price increases within the month. Food inflation stood at 16.06 percent year-on-year in April 2026, down from 24.68 percent in the same month last year. The month-on-month food inflation rate was 3.63 percent, a 0.54 percentage point decrease from March 2026's 4.17 percent.
The NBS attributed the food inflation figure to price changes in staple items including yam tuber, garri, beans, tomatoes, plantain, cassava tuber, and beef. The average annual rate of food inflation for the 12 months ending April 2026 was 17.55 percent, down 17.05 percentage points from the 34.60 percent recorded in April 2025. The data is expected to influence the Central Bank of Nigeria's decision at its upcoming monetary policy meeting, with analysts anticipating no change in the benchmark interest rate.
The Central Bank of Nigeria faces pressure to hold rates steady despite a year-on-year decline in inflation, as monthly price pressures resurface. The 0.31 percentage point rise in April complicates the case for immediate relief for borrowers. While food prices rose more slowly in April than March, they remain over 16 percent higher than a year ago. This leaves households still grappling with high costs even as macroeconomic indicators show some improvement.
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