Inflation · 2 min read · April 2026
Nigeria's Inflation Data for April 2026
Sources: NBS · Aztran Research
Headline Inflation
15.69%
From 26.82% in April 2025
2.13% MoM
From 4.18% in March 2026
Core Inflation
15.86%
From 26.05% in April 2025
1.08% MoM
From 4.03% in March 2026
Headline Inflation
- Headline inflation eased significantly on a year-on-year basis, declining to 15.69% from 26.82% in April 2025.
- On a month-on-month basis, inflation also eased to 2.13%, down from 4.18% in March 2026.
Key Drivers
- Food & Non-Alcoholic Beverages contributed the largest share to inflation (6.40% YoY; 0.81% MoM).
- The decline in month-on-month inflation reflects softer price pressures relative to March's energy-driven surge, although inflationary pressures remain elevated.
Food Inflation
- Month-on-month food inflation eased further to 3.63% from 4.17% in March, though food prices remain elevated.
- Year-on-year food inflation moderated to 16.0% from 24.68%, while the decline in month-on-month was driven by slower increases in the average prices of items such as millet (whole grain), yam flour, fresh ginger, beef, and garri.
Core Inflation
- Core inflation (YoY) slowed to 15.86% from 26.05% in April last year, indicating easing underlying price pressures.
- On a month-on-month basis, core inflation moderated sharply to 1.08% from 4.03% in March, reflecting a slowdown in short-term price momentum across key sectors.
Outlook
- Despite inflation easing year-on-year, short-term price pressures have also slowed compared to March's spike. This suggests a more stable near-term inflation trend, even though prices are still rising.
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