Nigeria’s inflation rate rises to 15.93%

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate rises to 15.93 percent in May 2026.

The NBS announced the increase in its consumer price index (CPI) report on Monday.

The latest record marks the third consecutive increase in 2026.

“On a year-on-year basis, the Headline inflation rate rose to 15.93%, up from 15.69% in April 2026 and down from 26.06% in the same month of the preceding year (May 2025),” NBS said.

“Looking at the movement, the May 2026 Headline inflation rate showed an increase of 0.24% compared to the April 2026 Headline inflation rate.

“In May 2026, the headline inflation rate on a month-on-month basis was 1.75%, which was 0.39% lower than the rate recorded in April 2026 (2.13%).

“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.”

FOOD INFLATION RATE ROSE SLIGHTLY TO 16.9%

NBS further said food inflation rate in May 2026 was 16.96 percent on a year-on-year basis — up from 16.68 percent in April.

The bureau also said the inflation rate is lower compared to the 24.55 percent recorded in the same month of the preceding year.

“The food inflation rate in May 2026 on a month-on-month basis was 2.98%, down by 0.65% points from April 2026 (3.63%)” the report said.

“This can be attributed to the rate of change in the average prices of the following products: Onions (fresh), Maize (Corn) grains, Melon (Egusi), Water Yam, Cassava Flour, Crayfish, Pepper (fresh), Tomatoes (fresh), Wheat Grain, Cassava Tuber, Yam Tuber, Sweet Potatoes, Ginger (fresh), Plantain, Cow Pea, etc.”

The report said food inflation on a year-on-year basis was highest in Adamawa (29.62 percent), Kwara (28.47 percent), and Rivers (28.40 percent), while Borno (-6.53 percent), Taraba (1.13 percent) and Bayelsa (5.99 percent) recorded the slowest rise.

On a month-on-month basis, however, the statistics firm said food inflation was highest in Bauchi (7.73 percent), Ogun (6.86 percent) and Jigawa (6.69 percent).

However, NBS said in May, Niger (3.54 percent), Katsina (-3.48 percent), and Gombe (-2.22 percent) recorded the slowest rise in food inflation on a month-on-month basis. (TheCable)