What the latest data shows
National inflation returned to positive territory at 2.9% in April 2026, after the annual rate fell to -1.7% in March. The month-to-month movement in the rate was therefore 4.6 percentage points, the largest one-month swing in the annual rate since at least 2016.
Despite the rebound, April's rate remained 3.0 percentage points below the 5.9% recorded in April 2025. The average rate across the latest 12 observations was 2.2%, compared with 3.2% across the preceding 12 months.
Latest 12-month average
2.2%
-1.0 percentage points compared with the preceding 12-month average.
Negative-rate months
2
January and March 2026 recorded negative annual inflation.
2026 average to date
0.2%
Average of the four monthly observations available through April.