Nigeria’s headline inflation rate rose for the second consecutive month, climbing to 15.69% in April 2026 from 15.38% recorded in March, according to data released by the National Bureau of Statistics (NBS) on Friday.
The increase was primarily driven by persistent upward pressure on food prices, transportation costs, hospitality services, and healthcare. The Consumer Price Index (CPI) rose to 138.3 points in April, up from 135.4 points the previous month.
While the year-on-year inflation rate increased by 0.31 percentage points, the month-on-month pace of price growth slowed significantly to 2.13% in April, down from 4.18% in March.
Key Drivers of Inflation
Food and non-alcoholic beverages remained the dominant contributor, adding **6.40 percentage points** to the headline rate. Other notable contributors included restaurants and accommodation services (3.56 points), transport (1.70 points), and health (1.21 points).
Food inflation stood at 16.06% year-on-year in April, though this represents a sharp decline from 24.68% recorded in April 2025. On a monthly basis, food prices rose by 3.63%. Items that saw significant price increases included millet, yam flour, fresh ginger, beef, garri, yam tubers, pepper, crayfish, cassava, beans, Irish potatoes, tomatoes, wheat grain, soybeans, guinea corn, plantain, and carrots.
Core inflation, which strips out volatile agricultural produce and energy, stood at 15.86% year-on-year, a notable improvement from 26.05% in April 2025. Month-on-month core inflation also moderated sharply to 1.03%.
Regional Variations
Inflation remained uneven across the country. Sokoto State recorded the highest headline inflation rate at 25.74%, followed by Bauchi (22.52%) and Zamfara (22.03%). Edo State had the lowest rate at 5.91%.
For food inflation, Enugu State led with 32.67%, while Borno State recorded the lowest at 1.67%. The NBS cautioned that comparisons between states should be interpreted carefully due to differences in consumption patterns and expenditure weights.
Market Expectations vs Reality
The Financial Market Dealers Association (FMDA) had projected headline inflation of 16.42% for April, citing continued pressure from food prices, energy costs, and global commodity trends. The actual figure came in lower than this forecast.
The latest inflation data highlights the mixed progress in the fight against price pressures. While food inflation continues to moderate on a year-on-year basis, the fresh uptick in headline inflation suggests that underlying cost pressures in key sectors remain a challenge for households and policymakers.
