The latest figures show consumer prices increased for the third consecutive month, driven largely by higher food costs across several states.
Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, extending the upward trend recorded since the beginning of the year, according to the latest data released by the National Bureau of Statistics (NBS).
The figure shows an increase from the 15.69 per cent recorded in April, indicating that prices of goods and services continued to climb despite a slower monthly rate of inflation.
Data contained in the Consumer Price Index (CPI) report released by the NBS on Monday showed that the May inflation rate was 0.24 percentage points higher than the previous month.
However, on a month-on-month basis, inflation slowed to 1.75 per cent in May from 2.13 per cent recorded in April.
The NBS said the latest figures suggest that while prices are still rising, the rate of increase has moderated from the previous month.
“On a year-on-year basis, the Headline inflation rate rose to 15.93%, up from 15.69% in April 2026,” the bureau stated.
The latest increase marks the third consecutive rise in headline inflation this year.
Food prices, which remain one of the biggest drivers of household spending, also rose during the month.
According to the NBS, food inflation rose to 16.96 per cent in May from 16.68 per cent in April.
The bureau attributed the increase to price changes in key staple foods consumed nationwide.
Items contributing to the rise include fresh onions, maize grains, melon (egusi), water yams, cassava flour, crayfish, fresh pepper, tomatoes, wheat grains, cassava tubers, yam tubers, sweet potatoes, ginger, plantain, and cowpea.
Despite the annual increase, the monthly food inflation rate declined to 2.98 per cent from 3.63 per cent recorded in April, suggesting a slower pace of food price increases during the month.
The report showed significant differences in food inflation across states.
On a year-on-year basis, Adamawa recorded the highest food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent.
Borno recorded the lowest food inflation rate at -6.53 per cent, while Taraba and Bayelsa posted 1.13 per cent and 5.99 per cent, respectively.
On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent.
In contrast, Niger recorded the slowest increase at 3.54 per cent, while Katsina and Gombe recorded negative food inflation rates of 3.48 per cent and 2.22 per cent, respectively.
The latest inflation figures come as many households continue to grapple with high living costs despite recent signs of economic stabilisation.
Food remains the largest component of consumer spending for most Nigerians, making changes in food prices a key indicator of household welfare.
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