Nigeria’s inflation has soared to 15.69% in April 2026, marking a sharp reversal of the cooling trend seen earlier this year.
According to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday, May 15, the headline inflation rate climbed by 0.31 percentage points from the 15.38% recorded in March.
This uptick signals a significant shift in the nation’s economic landscape. While the first quarter of 2026 offered glimpses of price stability, the report confirms that Nigeria’s inflation rose to 15.69% in April 2026 primarily due to a “structural risk premium” in global energy markets and localized supply constraints.
The NBS noted that despite the year-on-year increase, month-on-month inflation actually slowed to 2.13%, down from 4.18% in March, suggesting that while prices are still high, the speed of the increase is beginning to moderate.
The NBS explained: “This means that in April 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in March 2026.”
Food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.40 percentage points of the overall rate.
Restaurants and accommodation services contributed 3.56 percentage points, while transport accounted for 1.70 percentage points.
Health contributed 1.21 percentage points, followed by housing, water, electricity, gas and other fuels at 0.77 percentage points.
Other contributors included personal care and miscellaneous goods and services at 0.64 percentage points, education services at 0.49 percentage points, clothing and footwear at 0.32 percentage points, and information and communication at 0.28 percentage points.
The primary catalyst for the surge remains the volatility in energy costs. The average price of Premium Motor Spirit (PMS) jumped to N1,322.50 in April, a 9.44% increase from the previous month. This energy shock has trickled down into every sector, particularly transportation and logistics, which saw a corresponding spike in fares.
Food inflation also remains a thorn in the side of the economy. Key staples—including yams, maize, and sorghum—recorded significant price hikes.
Analysts point to:
Insecurity: Continued disruptions in northern “food basket” states.
Logistics Costs: The direct result of higher diesel and petrol prices.
The burden of rising prices was felt most acutely in the countryside. The NBS report highlighted a disparity between regions:
Rural Inflation: Stood at 16.36% year-on-year.
Urban Inflation: Recorded at 15.40% year-on-year.
