Nigeria’s Inflation Rises Further to 15.69% in April 2026

Nigeria’s Inflation Rises Further to 15.69% in April 2026

  • Business
  • May 19, 2026
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Nigeria’s headline inflation rate increased to 15.69 percent in April 2026, up from 15.38 percent recorded in March, reflecting continued pressure on household spending as rising energy costs pushed up transportation and food prices across the country.

The latest figures indicate a 31 basis points increase on a year-on-year basis, with analysts attributing the rise largely to the pass-through effects of high petroleum prices and persistent geopolitical tensions in the Middle East, which have continued to affect global energy markets.

Despite the annual increase, month-on-month inflation showed signs of moderation, declining sharply to 2.13 percent in April from 4.18 percent in March. Economists linked the improvement to the relative strengthening of the naira, which appreciated by 0.94 percent against the United States dollar during the period.

Urban inflation rose significantly on a year-on-year basis to 15.40 percent in April from 14.64 percent in March, driven mainly by higher energy and transportation costs in major cities. However, month-on-month urban inflation dropped to 1.86 percent from 3.16 percent.

In rural areas, inflation pressures eased slightly. Rural inflation declined to 16.36 percent year-on-year in April, compared to 17.22 percent in March, while month-on-month rural inflation fell sharply to 2.80 percent from 6.73 percent.

Among the states, Sokoto recorded the highest all-items inflation rate at 25.74 percent, followed by Bauchi at 22.52 percent and Zamfara at 22.03 percent. Edo State posted the lowest inflation rate at 5.91 percent, while Borno and Jigawa recorded 6.72 percent and 7.04 percent respectively.

Food inflation also climbed further, rising by 175 basis points to 16.06 percent year-on-year in April from 14.31 percent in March. The increase was largely blamed on the rising cost of transportation and distribution of agricultural produce.

However, month-on-month food inflation eased to 3.63 percent from 4.17 percent, supported by reductions in the prices of several staple food items including millet, yam flour, fresh ginger, beef, garri, cassava, beans, pepper, tomatoes, soybeans, wheat grain, carrots and plantain.

Core inflation, which excludes farm produce and energy costs, also recorded moderation. It declined to 15.86 percent year-on-year in April from 16.21 percent in March, while month-on-month core inflation fell sharply to 1.03 percent from 4.03 percent.

Economic analysts said the moderation in core inflation reflects the positive impact of naira appreciation and easing imported inflation during the month under review.
Looking ahead, experts project inflation may continue to rise moderately in May 2026 due to elevated petroleum prices and lingering energy challenges. Nevertheless, expectations of a relatively stable naira and favourable base effects are likely to slow the pace of increase.

Analysts now forecast Nigeria’s headline inflation for May 2026 to range between 15.90 percent and 16.40 percent.
The continued rise in inflation remains a major concern for many Nigerians, as increasing costs of transportation, food, electricity and basic commodities continue to weaken purchasing power and place additional pressure on households and businesses nationwide.