Nigeria’s headline inflation rate increased to 15.93 per cent in May 2026, marking the third consecutive monthly rise as food prices continued to exert pressure on household budgets across the country.
The latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday showed that inflation rose from 15.69 per cent in April to 15.93 per cent in May.
The increase extends an upward trend that began in March after inflation eased slightly to 15.06 per cent in February.
According to the report, the Consumer Price Index rose to 140.7 points in May from 138.3 points in April, representing a 2.4-point increase in the general price level.
Despite the increase in annual inflation, the pace of price growth slowed on a month-on-month basis.
The NBS reported that headline inflation stood at 1.75 per cent in May, lower than the 2.13 per cent recorded in April.
“In May 2026, the Headline inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 percentage points lower than the rate recorded in April 2026 (2.13 per cent).
This means that in May 2026, the rate of increase in the average price level was lower than the rate of increase in April 2026,” the bureau stated.
However, on an annual basis, inflation continued its upward trajectory, rising from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.
The latest figure was 0.24 percentage points higher than the rate recorded in April, underscoring persistent price pressures, particularly in food-related categories.
Nevertheless, the May 2026 inflation rate remained significantly lower than the 26.06 per cent recorded in May 2025, indicating a substantial easing of inflationary pressures compared to the same period last year.
Economists say the latest figures suggest that while the rate of monthly price increases is slowing, the overall cost of living continues to rise, posing challenges for consumers and businesses alike.
