Nigeria’s inflation edged higher in April 2026, with the annual Consumer Price Index (CPI) rate climbing to 15.69%, up from 15.38% in March, according to the latest report from the National Bureau of Statistics released on Friday. While the headline number remains elevated, the data also points to a slower month-to-month rise in prices, suggesting inflationary pressure is easing gradually even as costs stay high.
Key takeaways
- April 2026’s annual CPI inflation rose to 15.69% from 15.38% in March.
- Year-on-year inflation increased by 0.31 percentage points, indicating prices were still higher than the prior month’s comparison period.
- Month-on-month headline inflation fell to 2.13% in April from 4.18% in March.
- The 12-month average headline inflation rate dipped to 19.16% for the period ending April 2026, from 19.33% a year earlier.
- Inflation trends diverged between cities and the countryside, with both annual rates remaining high but month-to-month increases cooling.
Annual inflation edges up, but the pace of monthly price growth cools
The CPI figures showed a 0.31 percentage point year-on-year increase, reflecting that the overall cost of goods and services stayed above the level observed in the previous month’s benchmark. Even so, the report signaled a moderation in the tempo of inflation: month-on-month headline inflation was 2.13% in April 2026, a notable drop from 4.18% in March.
In explaining the month-to-month movement, the statistics bureau said the April outcome meant the rate at which the average price level rose was lower than the corresponding rate recorded in March 2026. Overall, the agency characterized inflation as still high, but with evidence that the speed of price increases across the economy is gradually easing.
12-month average inflation slightly lower; urban and rural patterns differ
Looking beyond the latest monthly comparison, the 12-month average headline inflation rate for the period ending April 2026 stood at 19.16%, slightly below the 19.33% recorded in the matching period of 2025. The report also highlighted mixed developments across geographic areas.
Urban inflation reached 15.40% year-on-year in April 2026. On a month-to-month basis, urban inflation cooled to 1.86%, down from 3.16% in March. The 12-month average urban inflation rate was 19.07%, compared with 20.76% in April 2025.
Rural inflation, by contrast, was higher on the annual measure. In rural areas, inflation stood at 16.36% year-on-year in April 2026, pointing to ongoing cost pressures outside major cities. However, the month-to-month picture improved sharply: rural month-on-month inflation declined to 2.80% in April from 6.73% in March. The 12-month average rural inflation rate was 18.99%, which remained above the 17.63% recorded in the same period last year.
