Nigeria’s headline inflation rate increased to 15.69 per cent in April 2026, up from 15.38 per cent recorded in March, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The data, published on Friday, showed that the CPI rose to 138.3 in April from 135.4 in March, representing a 2.9-point increase. The NBS attributed the change to the recent rebasing of the index, which now uses 2024 as the base year and 2023 as the weight reference period.
Despite the increase in annual inflation, the pace of price growth slowed on a monthly basis, with month-on-month inflation easing to 2.13 per cent in April from 4.18 per cent in March.
The bureau also noted a significant moderation compared to April 2025, when headline inflation stood at 26.82 per cent.
“The National Bureau of Statistics is pleased to announce the release of the latest Consumer Price Index (CPI) figures for April 2026. Following the completion of the recent rebasing exercise, this report is centred on a new CPI base year of 2024 and a weight reference period of 2023. Hence, the Consumer Price Index (CPI) increased to 138.3 in April 2026, and reflects a 2.9-point increase from the preceding month.
“On a year-on-year basis, the headline inflation rate for April 2026 stood at 15.69%, when compared to 15.38% and 26.82% recorded in March 2026 and April 2025; respectively. The month-on-month headline inflation rate in April 2026 was 2.13%, which was 2.05% lower than the rate recorded in March 2026 (4.18%),” the NBS stated.
According to the report, the main drivers of inflation during the month were food and non-alcoholic beverages, restaurants and accommodation services, and transportation costs.
“The three major contributors to the headline inflation were Food and non-alcoholic Beverages: 6.40%, Restaurants & Accommodation Services: 3.56%, and Transport: 1.70%; while the least contributors were Recreation, Sport, and Culture: 0.01%, Alcoholic Beverages, Tobacco, and Narcotics: 0.01%, and Insurance and Financial Services: 0.03%,” the bureau added.
Food inflation stood at 16.06 per cent year-on-year in April, lower than the 24.68 per cent recorded in April 2025. On a monthly basis, food inflation slowed to 3.63 per cent from 4.17 per cent in March, suggesting more moderate increases in the prices of major food items.
Core inflation, which excludes volatile agricultural produce and energy prices, was recorded at 15.86 per cent year-on-year. Its monthly rate dropped sharply to 1.03 per cent from 4.03 per cent in March.
The report further showed that urban inflation stood at 15.40 per cent year-on-year, while rural inflation was slightly higher at 16.36 per cent. Both categories recorded slower monthly increases compared to the previous month.