Nigeria’s Inflation climbs to 15.93% in May, food prices still bite

By Kazeem Ugbodaga

Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, marking a slight increase from the 15.69 per cent recorded in April, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday.

The report showed that the inflation rate increased by 0.24 percentage points on a year-on-year basis, indicating that prices of goods and services remained on an upward trajectory despite signs of moderation in monthly price movements.

However, on a month-on-month basis, inflation eased to 1.75 per cent in May from 2.13 per cent in April, representing a decline of 0.39 percentage points.

The NBS said the development suggested that while consumer prices continued to rise during the month, the pace of increase was slower compared to the previous month.

The bureau noted that the moderation in monthly inflation points to a gradual easing in the rate at which average prices are increasing across the economy.

A comparison with the corresponding period of last year showed a significant improvement in inflationary conditions.

The May 2026 headline inflation rate of 15.93 per cent was substantially lower than the 26.06 per cent recorded in May 2025.

Similarly, the average Consumer Price Index for the 12 months ending May 2026 increased by 18.36 per cent compared to the preceding 12-month period, representing a sharp decline from the 30.57 per cent recorded in May 2025. This indicates a moderation in long-term inflationary pressures over the past year.

Food prices remained a major driver of inflation during the review period, although the pace of increase slowed compared to the previous month.

According to the NBS, food inflation stood at 16.96 per cent on a year-on-year basis in May 2026, lower than the 24.55 per cent recorded in the corresponding period of 2025.

On a month-on-month basis, food inflation eased to 2.98 per cent in May from 3.63 per cent in April, reflecting a decline of 0.65 percentage points.

The bureau attributed the movement in food inflation to changes in the average prices of key staples and household food items, including fresh onions, maize grains, melon (egusi), water yam, cassava flour, crayfish, fresh pepper, fresh tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, fresh ginger, plantain and cowpea.

The report also showed a notable moderation in annual food inflation trends. The average annual food inflation rate for the 12 months ending May 2026 stood at 16.99 per cent, representing a decline of 16.22 percentage points from the 33.21 per cent recorded in May 2025.

The NBS report further revealed variations in inflation trends between urban and rural areas.

Urban inflation stood at 16.07 per cent on a year-on-year basis in May, reflecting stronger price pressures in major cities and commercial centres. On a month-on-month basis, urban inflation rose slightly to 1.99 per cent from 1.86 per cent in April.

The 12-month average urban inflation rate was recorded at 18.27 per cent, significantly lower than the 32.55 per cent posted in the corresponding period of 2025.

In rural communities, inflation was slightly lower at 15.60 per cent year-on-year. Rural inflation on a month-on-month basis declined sharply to 1.17 per cent in May from 2.80 per cent in April, suggesting a slower pace of price increases outside major urban centres.

The average annual rural inflation rate for the 12 months ending May 2026 stood at 18.19 per cent, compared to 28.36 per cent recorded in May last year.

The latest figures indicate that while inflation remains elevated, the overall trend suggests a gradual moderation compared to the high levels witnessed in 2025.