Nigeria’s headline inflation rate rose slightly to 15.93 per cent in May 2026 from 15.69 per cent in April, indicating that price pressures remained elevated for households and businesses despite a slower monthly increase in consumer prices.

Data from the National Bureau of Statistics’ latest Consumer Price Index report showed that the CPI climbed to 140.7 points in May, up from 138.3 points recorded in April, underscoring persistent inflationary trends across the economy.

Although annual inflation accelerated during the month, the month-on-month inflation rate moderated, suggesting that the pace at which prices are rising has begun to ease.

Headline inflation rose to 15.93 per cent year-on-year in May 2026, while the month-on-month inflation rate eased to 1.75 per cent from 2.13 per cent in April, indicating a slower pace of price increases despite sustained annual inflationary pressure.

Urban inflation stood at 16.07 per cent year-on-year in May 2026, while the month-on-month rate edged up to 1.99 per cent from 1.86 per cent in April. In contrast, rural inflation was 15.60 per cent year-on-year, with the monthly rate slowing significantly to 1.17 per cent from 2.80 per cent.

Food inflation moderated to 16.96 per cent year-on-year, compared with 24.55 per cent in May 2025, while month-on-month food inflation declined to 2.98 per cent from 3.63 per cent in April.

Core inflation, which excludes farm produce and energy costs, stood at 16.82 per cent year-on-year, with the monthly rate rising to 1.94 per cent from 1.03 per cent recorded in April.

The NBS attributed the movement in food prices to changes in the cost of key staples and agricultural products, including fresh onions, maize, egusi, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, yam tubers, sweet potatoes, ginger, plantain and cowpea.

The latest inflation figures suggest that while annual price pressures remain elevated, several indicators point to a gradual moderation in inflationary trends, with the pace of price increases slowing across key segments of the economy.

Further analysis showed that the average annual food inflation rate for the 12 months ending May 2026 stood at 16.99 per cent, a decline of 16.22 percentage points from 33.21 per cent recorded in the corresponding period of 2025.

The 12-month average urban inflation rate eased to 18.27 per cent from 32.55 per cent a year earlier, 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, reflecting a broad-based slowdown in underlying price pressures.

The latest inflation figures come amid renewed global commodity price pressures driven by geopolitical tensions in the Middle East and disruptions to international energy supply chains.

Reflecting these developments, the World Bank Energy Index rose to 146.4 points from 130.6 points, while the Food and Agriculture Organisation’s Food Price Index increased by 1.6 per cent to 130.7 points, marking its third consecutive monthly gain.

These external pressures have continued to filter into domestic markets, influencing the prices of food items and energy-related products despite signs of easing inflationary momentum in some segments of the economy.