Nigeria’s headline inflation rate edged higher to 15.93% in May 2026, up from 15.69% in April, as rising consumer prices continued to exert pressure on households and businesses despite a slower pace of monthly price increases.
According to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), the CPI rose to 140.7 points in May from 138.3 points in April, reflecting sustained inflationary pressures across the economy.
The latest figures showed that while inflation accelerated on an annual basis, the month-on-month rate eased, suggesting a moderation in the pace of price increases.
What the data is saying
Headline inflation stood at 15.93% year-on-year in May 2026, while month-on-month inflation slowed to 1.75%, down from 2.13% recorded in April.
- Urban inflation was 16.07% year-on-year, while the monthly rate increased slightly to 1.99% from 1.86% in April.
- Rural inflation stood at 15.60% year-on-year, with the monthly rate slowing sharply to 1.17% from 2.80%.
- Food inflation eased to 16.96% year-on-year, compared with 24.55% in May 2025, while month-on-month food inflation declined to 2.98% from 3.63%.
- Core inflation, which excludes farm produce and energy, stood at 16.82% year-on-year, while the monthly rate rose to 1.94% from 1.03% in April.
The NBS attributed movements in food prices to changes in the cost of products such as fresh onions, maize, egusi, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, yam tubers, sweet potatoes, ginger, plantain, and cowpea.
More insights
The latest inflation data suggests that although annual price pressures remain elevated, some key indicators point to a gradual easing in the speed of price increases.
The average annual food inflation rate for the 12 months ending May 2026 was 16.99%, down by 16.22 percentage points from 33.21% recorded a year earlier.
- The 12-month average urban inflation rate fell to 18.27% from 32.55% in May 2025.
- The corresponding rural inflation average declined to 18.19%, compared with 28.36% a year earlier.
Core inflation’s 12-month average moderated to 19.59%, down from 27.05% in May 2025.
Context
The latest inflation figures come amid renewed global commodity price pressures linked to geopolitical developments in the Middle East and disruptions to global energy supply chains.
The World Bank Energy Index increased to 146.4 points from 130.6 points.
The FAO Food Price Index rose by 1.6% to 130.7 points, marking its third consecutive monthly increase.
These external factors have continued to influence domestic prices, particularly for food and energy-related products.
What you should know
Nigeria’s inflation trajectory remains a key focus for policymakers as authorities seek to balance price stability with economic growth.
Nairametrics earlier reported that food prices across major Lagos markets rose again in May 2026, reversing part of the broad-based relief observed in April.
Also, the cost of maintaining a healthy diet in Abuja remains significantly high despite signs of moderating food inflation year-on-year.