Nigeria's headline inflation rate rose to 15.93 percent in May 2026, according to the National Bureau of Statistics (NBS). The figure, released in the bureau's consumer price index report on Monday, marks the third consecutive monthly increase in 2026. Year-on-year, the rate climbed from 15.69 percent in April 2026, though it remains significantly lower than the 26.06 percent recorded in May 2025. On a month-on-month basis, inflation increased by 1.75 percent in May, down from 2.13 percent in April, indicating a slower rise in average price levels compared to the previous month. The NBS attributed part of the movement to changes in pricing across key goods.
The food inflation rate also increased slightly, reaching 16.96 percent year-on-year in May 2026, up from 16.68 percent in April. However, it remains below the 24.55 percent recorded in May 2025. Month-on-month food inflation fell to 2.98 percent from 3.63 percent in April, a drop of 0.65 percentage points. The NBS report noted that the change in food prices was influenced by fluctuations in the cost of items including onions, tomatoes, and other essential foodstuffs. Core inflation, which excludes volatile food and energy prices, was not detailed in the released information. The NBS is expected to provide further analysis in its upcoming economic briefings.
The inflation rate continues to climb despite earlier government claims of economic stabilization. Food prices remain volatile, directly affecting household spending even as month-on-month increases slow. A rising headline figure for the third straight month undermines assurances of downward pressure on costs. This trend suggests ongoing challenges in supply chain and monetary management.
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