Nigeria CPI Report: April 2026 — Inflation Falls Further to ~13.1% as Food and FX Pressures Ease
The National Bureau of Statistics released Nigeria’s Consumer Price Index (CPI) report for April 2026. Headline inflation eased again to ~13.1% YoY, continuing Nigeria’s strongest disinflation trend in years as food inflation slows, the naira stabilizes, and monetary tightening bites deeper into demand.
Headline Overview
| Indicator | Mar 2026 | Apr 2026 | Change |
|---|
| Headline CPI (YoY) | 13.8% | 13.1% | -0.7pp |
| Core CPI (YoY) | 11.9% | 11.3% | -0.6pp |
| Food Inflation (YoY) | 16.5% | 15.7% | -0.8pp |
| MoM Change | +0.9% | +0.7% | -0.2pp |
Key takeaway: Nigeria’s inflation slowdown is becoming more broad-based. Both headline and core inflation declined materially, suggesting monetary tightening and FX normalization are finally feeding through into prices.
Month-on-month inflation slowed to 0.7%, the weakest monthly pace since mid-2023.
Key Sector Inflation (Year-on-Year)
| Sector | Mar 2026 | Apr 2026 | Change (pp) |
|---|
| Food & Non-Alcoholic Beverages | 16.5% | 15.7% | -0.8 ⬇️ |
| Transport | 14.2% | 13.8% | -0.4 ⬇️ |
| Housing, Water & Electricity | 12.1% | 12.0% | -0.1 |
| Imported Food | 14.9% | 13.8% | -1.1 ⬇️ |
| Farm Produce | 17.6% | 16.4% | -1.2 ⬇️ |
| Restaurants & Hotels | 13.7% | 13.2% | -0.5 ⬇️ |
⬇️ Imported food inflation dropped sharply, reflecting improved FX liquidity and reduced pass-through from the naira.
⬇️ Farm produce inflation also cooled, though supply chain and insecurity risks remain elevated.
⬇️ Transport inflation eased modestly, helped by relative fuel price stability compared to late 2025.
Core vs Headline Breakdown
| Measure | Feb 2026 | Mar 2026 | Apr 2026 |
|---|
| Core CPI | 12.2% | 11.9% | 11.3% ⬇️ |
| Food CPI | 17.1% | 16.5% | 15.7% ⬇️ |
Core inflation is now slowing almost as quickly as food inflation — an important sign that inflationary pressure is no longer accelerating across the broader economy.
FX & Monetary Policy Impact
| Metric | Detail |
|---|
| Naira Trend | Relatively stable |
| CBN Policy Rate | ~27.5% |
| FX Liquidity | Improved compared to 2025 |
| Import Cost Pressure | Moderating |
The Central Bank of Nigeria’s aggressive tightening cycle continues to suppress demand and stabilize the currency market.
However, borrowing conditions remain extremely restrictive for businesses and consumers.
Regional Highlights
Urban inflation remains higher than rural inflation due to rent, transportation, and imported goods exposure.
Northern agricultural regions continue facing elevated food-price volatility tied to insecurity and logistics constraints.
Oil & Energy Context
| Metric | Detail |
|---|
| Global Oil Environment | Volatile but stabilizing |
| Domestic Fuel Prices | Largely steady |
| Energy Pass-Through | Moderating |
Unlike many developed economies, Nigeria’s current inflation trend is being driven more by FX normalization and food prices than by international energy shocks.
Context & Outlook
Nigeria’s inflation trajectory is now clearly downward, but inflation remains structurally high relative to historical norms.
Food inflation remains the single biggest economic pressure on households.
Sustained naira stability will be critical to maintaining the disinflation trend.
The major risks remain:
Markets are increasingly expecting the Central Bank to eventually pause further tightening later in 2026 if inflation continues cooling.
Next CPI release: May 2026 (expected mid-June)
Source: National Bureau of Statistics (Nigeria) — Consumer Price Index, April 2026
