Nigeria's inflation climbed to 15.69 percent in April, up from 15.38 percent the previous month. The Central Bank will likely hold interest rates steady at its upcoming policy decision.
Data from the National Bureau of Statistics shows prices are easing compared to last year. In April 2025, inflation had peaked at 26.82 percent.
Month-on-month, the increase was just 0.31 percentage points. This reversal came after March's brief relief from price pressures.
When measured monthly, inflation actually decelerated sharply to 2.13 percent in April. March had recorded a much steeper 4.18 percent increase.
Food prices remain the biggest driver of overall inflation. Year-on-year, food inflation stood at 16.06 percent in April.
On a monthly basis, food inflation eased to 3.63 percent. It had jumped 4.17 percent the month before.
Prices rose across staple items like millet, yam flour, and fresh ginger. Meat products, garri, and dried beans also contributed to food cost pressures.
Some relief came from declining costs of fresh tomatoes and Irish potatoes. Carrots and plantains showed price moderation too.
Over the past twelve months, food inflation averaged 17.55 percent. This marked substantial improvement from April 2025's crushing 34.60 percent rate.
The broader picture suggests monetary tightening is working. Year-on-year headline inflation has fallen significantly since last year's peaks.
Still, the recent uptick from March signals persistent cost pressures ahead. Analysts expect the CBN to maintain its cautious stance on rate decisions.
Policymakers will monitor whether April's monthly slowdown continues in coming months. Any sustained moderation could eventually open the door to rate reductions.
