Key Highlights on Inflation figure in April 2026
- Nigeria’s headline inflation increased to 15.69% year-on-year in April 2026, from 15.38% in March, marking the second consecutive monthly increase in the annual inflation rate.
- Month-on-month inflation, however, declined in line with our expectation to 2.13%, from 4.18% in March, suggesting that while inflationary pressures remained elevated, the pace of price acceleration moderated during the month.
- Food inflation remained elevated, with food prices increasing by 16.06% year-on-year, driven by higher prices of key commodities such as millet whole grain, yam flour, beef, garri, yam tuber, fresh pepper, beans, fresh tomatoes, wheat grain, guinea corn, plantain and carrots, according to NBS data.
- Core inflation also moderated on a month-on-month basis to 1.03%, from 4.03% in March. However, the annual core inflation rate remained elevated at 15.86%, indicating that inflationary pressures remain broad-based beyond food and continue to reflect lingering energy-related cost pressures.
