Nigeria’s headline inflation rate increased to 15.93 per cent in May 2026, marking the third consecutive monthly rise this year, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).
The new figure represents a modest increase from the 15.69 per cent recorded in April, signalling continued pressure on consumer prices despite a significant decline when compared with the 26.06 per cent inflation rate reported in May 2025.
The latest data indicates that while inflation remains elevated, the pace of monthly price increases eased during the review period. On a month-to-month basis, headline inflation stood at 1.75 per cent in May, lower than the 2.13 per cent recorded in April.
Analysts say the latest figures reflect ongoing cost pressures across key sectors of the economy, particularly food, transportation and household consumption, even as broader inflationary trends show signs of moderating compared to last year. Brandspur Banking News Desk reports that policymakers and market participants continue to monitor inflation developments closely amid efforts to sustain economic stability.
Food inflation also recorded an increase during the month, rising to 16.96 per cent year-on-year from 16.68 per cent in April. However, the figure remained considerably below the 24.55 per cent recorded in the corresponding period of 2025.
On a monthly basis, food inflation slowed to 2.98 per cent in May from 3.63 per cent in April, suggesting that the rate at which food prices are increasing has begun to moderate despite persistent supply-side challenges.
The NBS attributed movements in food prices to changes across several staple commodities commonly consumed by Nigerian households. Agricultural products including maize, onions, yam, cassava derivatives, tomatoes, pepper, plantain, ginger and legumes contributed significantly to food price movements during the period.
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State-by-state data revealed considerable variations in food inflation across the federation. Adamawa recorded the highest year-on-year food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent.
In contrast, Borno, Taraba and Bayelsa posted the lowest annual food inflation rates, indicating relatively slower increases in food costs compared with other parts of the country.
Monthly food inflation trends also differed across states. Bauchi led with the highest month-on-month food inflation rate, followed by Ogun and Jigawa, reflecting stronger short-term price increases in those locations.
Meanwhile, Niger, Katsina and Gombe recorded the slowest monthly growth in food prices, with some states posting declines that suggest temporary easing in food cost pressures.
The latest inflation report comes as households and businesses continue to navigate the impact of changing market conditions, with food costs remaining a major factor influencing consumer spending patterns across the country.
Economists will be watching upcoming inflation releases closely to determine whether the recent upward trend in headline inflation persists through the second half of 2026 or begins to stabilise as policy measures and seasonal supply improvements take effect.
