FRI MAY 15 2026-theGBJournal| Nigeria’s inflation crisis rose further in April 2026, with headline inflation rising for the second consecutive month by 31bps to 15.69% y/y in April (March: 15.38% y/y).
The spike underscores the persistent pressure on household incomes and the fragile state of consumer purchasing power despite signs of moderation in monthly price growth.
The inflation data, published today by the National Bureau of Statistics (NBS), reflects sustained increases in the cost of food, transportation, and other essential goods across the country.
On a month-on-month basis, however, consumer prices rose at a slower pace of 2.13% in April, compared with the sharp 4.18% increase recorded in March.
The moderation suggests that while prices are still climbing, the speed of increase may be easing marginally after months of aggressive inflationary momentum.
Food inflation remained the primary driver of the headline surge, rising sharply by 176 basis points to 16.06% year-on-year in April from 14.31% in March.
The increase highlights the continued strain on food supply chains and the elevated cost of staple commodities, which have remained a major burden for Nigerian households.
Despite the yearly increase, monthly food inflation slowed slightly to 3.63% from 4.17% in March, indicating some easing in the pace of price increases for several key food items.
The moderation was largely attributed to slower price growth in staples such as millet, yam flour, fresh ginger, beef, garri, yam tubers, fresh pepper, crayfish, cassava tubers, beans, Irish potatoes, tomatoes, wheat grain, soybeans, guinea corn, plantain, and fresh carrots.
Analysts note that while the slower month-on-month food inflation offers a modest sign of relief, food prices remain historically elevated and continue to erode real incomes, particularly among low- and middle-income earners already grappling with weak purchasing power and rising living costs.
Meanwhile, core inflation — which excludes volatile agricultural produce and energy prices — provided a slightly more encouraging signal.
Core inflation moderated by 35 basis points to 15.86% year-on-year in April, compared with 16.21% in March, suggesting some softening in underlying price pressures outside the food and energy segments.
On a monthly basis, the core index slowed significantly to 1.03% from 4.03% recorded in March, reflecting reduced price pressures in several non-food categories.
Economists say the sharp moderation in monthly core inflation could indicate that earlier monetary tightening measures by the Central Bank of Nigeria (CBN) are gradually beginning to filter through the broader economy.
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