Headline inflation eases to 15.06% as monthly pressures rebuild
Eleventh consecutive month of disinflation as the NBS revised CPI series takes hold
Nigeria's headline inflation declined further to 15.06% year-on-year in April 2026, marking the eleventh consecutive month of disinflation under the revised NBS CPI methodology adopted in late 2025.
The continuation of the disinflation trend reflects a combination of favourable base effects, relative naira stability, and moderating food price pressures. Core inflation, however, edged slightly higher on a month-on-month basis, suggesting that underlying demand-side pressures have not fully abated.
OUTLOOK
The MPC is expected to maintain its current policy rate at its next meeting, with a potential pivot toward easing later in the year contingent on sustained disinflation and external sector stability. Investors in fixed income markets should monitor the trajectory of month-on-month readings for early signals of a rate cycle turn.