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.

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In her new role, Adesanya will oversee Bboxx Nigeria’s participation in the Distributed Access through Renewable Energy Scale-up (DARES) fund.

The company plans to reach more than 100,000 households in 2026, providing off-grid solar systems, solar-powered irrigation for farmers and financing for smartphones.

Anthony Osijo, Group CEO, Abci-Nexus, said: “I am delighted to welcome Ene into the role of Managing Director for Bboxx Nigeria. This transition highlights Bboxx’s commitment to developing internal talent, promoting from within and ensuring consistent, strong leadership as we continue to double down on our key markets.”

Adesanya brings over 17 years of experience in finance and business leadership. Prior to her appointment, she served as Head of Finance at Bboxx Nigeria, where she supported market expansion, strengthened financial governance, and delivered value across both commercial and donor-funded programmes.

“I joined Bboxx because I believe in building sustainable, impact-driven energy businesses that deliver real change,” Adesanya said:

“Through our participation in the DARES fund and our range of energy and financing solutions, we are well-positioned to significantly expand access to essential services for Nigerian households and businesses in 2026 and beyond.”

Adesanya succeeds Ernest Akinlola, who stepped down at the end of January after five years in the role. While he is no longer managing day-to-day operations, Akinlola will continue to support the business as a member of the Bboxx Energy Access Nigeria board.

Osijo acknowledged his contribution, saying, “I would like to thank Ernest for his significant contributions to Bboxx Nigeria; during his time here, he has helped drive the renewable energy agenda in Africa’s most populous country.”

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