Nigeria’s headline inflation rate increased to 15.69% in April 2026, up from 15.38% recorded in March, 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 notable decline compared to inflation levels recorded during the same period last year.
Data released by the NBS showed that inflation rose by 0.31 percentage points on a year-on-year basis in April, highlighting persistent pressures from food prices, energy costs, and broader supply-chain disruptions across the economy.
What the NBS is saying
The NBS stated that month-on-month inflation slowed significantly to 2.13% in April from 4.18% recorded in March, indicating that although prices are still rising, the pace of increase moderated during the month.
The latest data suggests inflationary pressures remain elevated but may be easing gradually in some sectors following recent monetary tightening measures and improving supply conditions.
Context
The latest inflation report comes amid renewed global commodity price pressures driven by escalating geopolitical tensions in the Middle East and disruptions affecting supply routes around the Strait of Hormuz.
According to recent market data:
▪ Brent crude oil prices surged to $120.4 per barrel in April from $103.7 recorded in March.
▪ The World Bank Energy Index climbed to 146.4 points from 130.6 points.
▪ The FAO Food Price Index rose by 1.6% to 130.7 points, marking its third consecutive monthly increase.
▪ Global prices for key food commodities such as wheat and maize also advanced further during the month.
Inflationary pressures also intensified across several major economies during the period:
▪ 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 inflation edged up slightly to 3.4%.
The April inflation figure also came in slightly below the 16.42% projection earlier issued by the Financial Markets Dealers Association (FMDA), suggesting inflation may be moderating faster than expected in some areas of the economy despite ongoing cost pressures.
What you should know
The latest inflation numbers are expected to influence deliberations at the upcoming Monetary Policy Committee meeting of the Central Bank of Nigeria, where policymakers will assess whether existing tightening measures remain sufficient to sustain disinflation and stabilise consumer prices.
▪ The CBN is scheduled to hold its 305th Monetary Policy Committee meeting next week.
▪ Investors and market participants are closely monitoring the meeting for signals on future monetary policy direction.
▪ At its previous meeting, the apex bank reduced the Monetary Policy Rate (MPR) by 50 basis points to 26.5% from 27%.
