Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, up from 15.69 per cent recorded in April, as rising prices of food, transportation and restaurant services continued to put pressure on households and businesses.
This was contained in the latest Consumer Price Index report released on Monday by the National Bureau of Statistics.
According to the report, the CPI increased to 140.7 points in May from 138.3 points in April, representing an increase of 2.4 points.
The NBS said the major drivers of the increase were food, transportation and restaurant services, reflecting continued pressure on consumer spending across both urban and rural areas.
Although headline inflation increased on a year-on-year basis, the month-on-month inflation rate slowed to 1.75 per cent in May from 2.13 per cent in April.
The figures suggest that while prices continued to rise, the pace of monthly increase moderated compared with the previous month.
Urban inflation stood at 16.07 per cent year-on-year, while the monthly urban inflation rate rose slightly to 1.99 per cent from 1.86 per cent in April.
Rural inflation was recorded at 15.60 per cent year-on-year, while the month-on-month rate slowed sharply to 1.17 per cent from 2.80 per cent in April.
Food inflation eased to 16.96 per cent year-on-year, compared with 24.55 per cent in May 2025. On a month-on-month basis, food inflation declined to 2.98 per cent from 3.63 per cent in April.
The NBS linked movements in food prices to changes in the prices of items such as fresh onions, maize, egusi, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, yam tubers, sweet potatoes, ginger, plantain and cowpea.
Core inflation, which excludes farm produce and energy, stood at 16.82 per cent year-on-year. However, the monthly core inflation rate rose to 1.94 per cent in May from 1.03 per cent in April.
The report also showed signs of moderation in longer-term inflation trends.
The average annual food inflation rate for the 12 months ending May 2026 stood at 16.99 per cent, down from 33.21 per cent recorded a year earlier.
The 12-month average urban inflation rate declined to 18.27 per cent from 32.55 per cent in May 2025, while the corresponding rural inflation average fell to 18.19 per cent from 28.36 per cent.
Similarly, the 12-month average core inflation rate moderated to 19.59 per cent, down from 27.05 per cent recorded in May 2025.
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 reportedly increased to 146.4 points from 130.6 points, while the FAO Food Price Index rose by 1.6 per cent to 130.7 points, marking its third consecutive monthly increase.
These external factors continue to affect domestic prices, particularly food and energy-related products.
The inflation trend remains a key concern for policymakers as authorities seek to balance price stability with economic growth.
Despite signs of slower monthly price increases and easing year-on-year food inflation, Nigerians continue to face high living costs, with household budgets affected by food prices, transport fares, energy costs and other essential expenses.
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