Nigeria’s Inflation Rate Rises to 15.93%

By Babatunji Wusu| Nigeria’s inflation rate increased for the third consecutive month in May 2026, reaching 15.93 per cent, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The report showed that the headline inflation rate rose from 15.69 per cent recorded in April 2026. However, it remained significantly lower than the 26.06 per cent recorded in May 2025.

According to the NBS, “On a year-on-year basis, the Headline inflation rate rose to 15.93%, up from 15.69% in April 2026 and down from 26.06% in the same month of the preceding year (May 2025).”

The Bureau noted that the May figure represents an increase of 0.24 percentage points compared to April. Despite the yearly rise, monthly inflation slowed during the period. The month-on-month inflation rate stood at 1.75 per cent in May, lower than the 2.13 per cent recorded in April, indicating a slower pace of price increases.

The report also revealed that food inflation continued its upward trend. The year-on-year food inflation rate climbed to 16.96 per cent in May, compared to 16.68 per cent in April.

However, on a month-on-month basis, food inflation eased to 2.98 per cent, down from 3.63 per cent in April. The NBS attributed the movement to changes in the prices of key food items, including onions, maize, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, yam tubers, sweet potatoes, ginger, plantain and cowpea.

Data from the report showed that Adamawa, Kwara and Rivers states recorded the highest year-on-year food inflation rates at 29.62 per cent, 28.47 per cent and 28.40 per cent, respectively. In contrast, Borno, Taraba and Bayelsa recorded the slowest increases.

The latest inflation rate figures highlight continued pressure on consumer prices, although the pace of monthly price increases has moderated compared to the previous month.