Nigeria’s Inflation Rises to 15.93% in May — NBS

Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), marking a continued upward trend in consumer prices.

The report shared on Monday, June 15, showed that the Consumer Price Index increased to 140.7 in May from 138.3 in April, representing a 2.4-point rise and reflecting sustained pressure on the cost of goods and services across the economy.

On a month-on-month basis, inflation slowed to 1.75 per cent in May from 2.13 per cent recorded in April, indicating a moderation in the rate of price increases within the month.

However, on a year-on-year basis, inflation continued its upward trajectory, rising from 15.38 per cent in March to 15.69 per cent in April and further to 15.93 per cent in May — the third consecutive increase in 2026.

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Despite the monthly moderation, the NBS noted that consumer prices remained elevated compared to the previous year, even though inflation is significantly lower than the 26.06 per cent recorded in May 2025.

The bureau stated: “In May 2026, the headline inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent). This means that in May 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in April 2026.”

It added: “On a year-on-year basis, the Headline inflation rate rose to 15.93 per cent, up from 15.69 per cent in April 2026 and down from 26.06 per cent in the same month of the preceding year (May 2025). Looking at the movement, the May 2026 Headline inflation rate showed an increase of 0.24 per cent compared to the April 2026 Headline inflation rate.”

The report showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared to 30.57 per cent recorded in the corresponding period of 2025.

Food prices remained the biggest driver of inflation, contributing 6.38 percentage points to the annual inflation basket, followed by restaurants and accommodation services at 2.06 points and transport at 1.70 points.

Housing, water, electricity, gas and other fuels contributed 1.34 percentage points, while education and health added 0.99 and 0.97 percentage points respectively. Clothing and footwear contributed 0.80 points, while information and communication, as well as personal care and miscellaneous goods, each contributed 0.52 points.

Food inflation stood at 16.96 per cent year-on-year in May, down from 24.55 per cent in May 2025, while month-on-month food inflation eased to 2.98 per cent from 3.63 per cent in April.

According to the NBS, rising prices of staples such as onions, maize, yam, cassava products, pepper, tomatoes, and grains continued to drive food inflation across the country.

“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated.

Core inflation, which excludes volatile agricultural produce and energy prices, rose to 16.82 per cent year-on-year from 24.92 per cent in May 2025. However, on a month-on-month basis, it accelerated to 1.94 per cent from 1.03 per cent in April, indicating stronger underlying price pressures.

Urban inflation stood at 16.07 per cent year-on-year, while rural inflation was recorded at 15.60 per cent. Monthly urban inflation rose to 1.99 per cent, while rural inflation slowed sharply to 1.17 per cent from 2.80 per cent in April.

Services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month, while imported food inflation stood at 14.60 per cent annually. Goods inflation was recorded at 6.62 per cent year-on-year and energy inflation at 5.73 per cent.

At the state level, Yobe recorded the highest inflation rate at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent. Niger recorded the lowest at 3.07 per cent, followed by Plateau and Edo.

On a monthly basis, Benue recorded the highest increase at 8.23 per cent, while Niger posted a decline of 4.55 per cent.

Food inflation also varied across states, with Adamawa recording the highest rate at 29.62 per cent, followed by Kwara and Rivers. Borno recorded food deflation of 6.53 per cent.

On a monthly basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, while Niger, Katsina and Gombe recorded declines in food prices.

The report underscores persistent inflationary pressures in Africa’s largest economy despite signs of moderation in monthly price growth.