Nigeria’s inflation rate edged higher in April 2026 as renewed food and energy price pressures continued to weigh on household spending and business costs.
Latest data released by the National Bureau of Statistics (NBS) showed that headline inflation rose to 15.69 per cent in April, up from 15.38 per cent recorded in March, representing a 0.31 percentage-point increase on a year-on-year basis.
Although headline inflation increased year-on-year, the pace of monthly price growth slowed considerably.
According to the Consumer Price Index (CPI) report, month-on-month inflation moderated to 2.13 per cent in April, compared to 4.18 per cent in March.
The twelve-month average Consumer Price Index also declined slightly to 19.16 per cent, from 19.33 per cent recorded in April 2025, reflecting broader deceleration relative to the high inflation cycle experienced over the past year.
Food inflation remained one of the strongest contributors to overall price increases during the month.
The NBS reported that food inflation rose to 16.06 per cent year-on-year, driven by higher prices across several staple commodities critical to household consumption patterns.
Items contributing significantly to the increase included millet, yam flour, fresh ginger, beef, garri, beans, tomatoes, wheat grain, soybeans, and plantain.
Despite the increase, the food inflation rate remains substantially lower than the 24.68 per cent recorded in April 2025, indicating that food price growth has moderated relative to last year’s peak inflationary cycle.
The inflation report also showed widening pressure in rural communities, where food and transportation costs remain highly sensitive to supply disruptions.
Urban inflation stood at 15.40 per cent year-on-year, while rural inflation rose higher to 16.36 per cen. The rural inflation trend is particularly significant given Nigeria’s dependence on rural food production systems and the broader implications for poverty levels and food security.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 15.86 per cent year-on-year in April 2026, significantly lower than the 26.05 per cent recorded during the same period in 2025.
The April inflation data coincides with renewed volatility in global commodity markets following escalating geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz, one of the world’s most critical energy transit corridors.
The disruptions contributed to a sharp increase in global oil prices during the month.
Brent crude oil rose to $120.4 per barrel in April, up from $103.7 per barrel in March, intensifying concerns over imported inflation pressures for oil-importing economies and countries heavily dependent on fuel-linked logistics systems.
The World Bank Energy Index also climbed sharply to 146.4 points, from 130.6 points previously, reflecting broader increases across global energy markets.
At the same time, the FAO Food Price Index rose by 1.6 per cent to 130.7 points, marking its third consecutive monthly increase.
Global wheat and maize prices also advanced further during the period, raising concerns about imported food inflation pressures for economies reliant on grain imports.
