Headline inflation rate in Nigeria rose from 15.69% in April to 15.93% in May 2026, as prices of goods and services increased across the country.
According to the latest figures released by the National Bureau of Statistics (NBS), the Consumer Price Index (CPI), which measures the average change in prices of goods and services, increased to 140.7 points in May from 138.3 points recorded in April.
Although prices continually increased across the economy, the pace of monthly growth slowed during the period.
Headline inflation stood at 1.75% month-on-month in May 2026, lower than the 2.13% recorded in April, suggesting that prices are still increasing in Nigeria, but not as quickly as they did a month earlier.
The latest figure is the third consecutive increase in headline inflation this year.
A closer look at the data showed mixed results across different segments of the economy. Urban inflation reached 16.07% year-on-year in May, while the monthly rate edged up to 1.99 per cent from 1.86% in April.
In rural areas, inflation stood at 15.60% year-on-year. However, the monthly rate slowed significantly to 1.17%, compared with 2.80% in the previous month.
Food prices were a major contributor to inflation, though there were signs of easing compared with a year ago. Food inflation stood at 16.96% year-on-year in May. On a monthly basis, food inflation declined to 2.98% from 3.63% in April.
According to the NBS, movements in food prices were driven by changes in the cost of products including fresh onions, maize, egusi, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, yam tubers, sweet potatoes, ginger, plantain and cowpea.
Core inflation, which excludes farm produce and energy prices, was recorded at 16.82% year-on-year. Unlike headline inflation, the monthly core inflation rate accelerated to 1.94% in May from 1.03% in April.
The report also showed a moderation in average inflation levels over the past year. Average food inflation for the 12 months ending May 2026 stood at 16.99%, down from 33.21% recorded during the same period a year earlier.
Average urban inflation fell to 18.27% from 32.55% in May 2025, while average rural inflation declined to 18.19% from 28.36%. Average core inflation also moderated to 19.59%, compared with 27.05% a year ago.
Recent global developments are still influencing domestic prices. Energy and food commodity prices have come under pressure following geopolitical challenges in the Middle East and disruptions to global supply chains.
Data from international agencies showed that 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% to 130.7 points, its third straight monthly increase.
Those developments have added to existing domestic challenges, including foreign exchange limitations and cost of transport, which affect the prices of imported goods and locally produced items.
The Central Bank of Nigeria has maintained a tight monetary policy stance in an effort to curb inflation. In March, the apex bank raised its benchmark interest rate to 24.75%, the highest level in decades, as policymakers sought to stabilise prices and support the naira.
Despite some moderation in food inflation on a yearly basis, many households still feel the impact of elevated prices. Recent market surveys show that the cost of staple foods such as rice, maize, yam and tomatoes remains high, while maintaining a healthy diet is still beyond the reach of many families in major cities including Lagos and Abuja.
