Nigeria’s headline inflation rate increased to 15.93 per cent in May 2026, marking the third consecutive monthly rise this year, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report showed that the Consumer Price Index rose to 140.7 in May from 138.3 in April, reflecting continued pressure on consumer prices despite signs of moderation in monthly inflation trends.
According to the NBS, headline inflation rose from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May 2026.
On a month-on-month basis, however, inflation slowed to 1.75 per cent in May from 2.13 per cent recorded in April, suggesting that while prices continued to increase, they did so at a slower pace than in the previous month.
The latest inflation figure remains significantly lower than the 26.06 per cent recorded in May 2025, indicating that inflationary pressures have eased considerably compared to a year ago.
Food Prices Continue to Drive Inflation in Nigeria
Food and non-alcoholic beverages remained the largest contributor to Nigeria’s inflation rate, accounting for 6.38 percentage points of the annual headline inflation figure.
The NBS reported that food inflation stood at 16.96 per cent year-on-year in May 2026, compared with 24.55 per cent in the same period last year.
On a monthly basis, food inflation eased to 2.98 per cent from 3.63 per cent in April.
The increase in food prices was driven by rising costs of staple commodities including onions, maize grains, tomatoes, fresh pepper, yam tubers, cassava flour, wheat grain, cowpea, plantain, ginger, sweet potatoes, melon, and crayfish.
Core Inflation Shows Persistent Economic Pressure
Despite moderation in monthly headline and food inflation, underlying price pressures remained strong.
Core inflation, which excludes agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May 2026. On a month-on-month basis, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.
The data suggests that inflationary pressures are extending beyond food prices into broader sectors of the economy.
Services inflation remained elevated at 17.92 per cent year-on-year, while imported food inflation stood at 14.60 per cent. Energy inflation was recorded at 5.73 per cent, and goods inflation stood at 6.62 per cent.
Urban and Rural Inflation Trends
The report showed that urban inflation rose to 16.07 per cent year-on-year in May, while rural inflation stood at 15.60 per cent.
Monthly urban inflation increased slightly to 1.99 per cent from 1.86 per cent in April. In contrast, rural inflation slowed significantly to 1.17 per cent from 2.80 per cent recorded in the previous month.
The 12-month average inflation rate ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded during the corresponding period in 2025.
States With the Highest and Lowest Inflation Rates
Among Nigeria’s states, Yobe recorded the highest annual headline inflation rate at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.
Niger State recorded the lowest annual inflation rate at 3.07 per cent, while Plateau and Edo posted 7.10 per cent and 7.73 per cent respectively.
On a month-on-month basis, Benue recorded the highest inflation increase at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.
Meanwhile, Niger, Zamfara, and Taraba recorded declines in monthly inflation.
What Nigeria’s Inflation Data Means
The latest inflation report highlights a mixed economic picture. While annual inflation remains far below last year’s levels, consumer prices continue to rise across food, services, transport, housing, education, and healthcare sectors.
Economists say the continued increase in inflation reflects ongoing challenges including food supply constraints, insecurity in farming communities, exchange rate pressures, and global economic uncertainties.
As policymakers monitor inflation trends, the latest data will likely remain a key consideration for the Central Bank of Nigeria as it seeks to balance price stability, economic growth, and consumer welfare.
