Nigeria’s inflation rate increased for the third consecutive month, rising to 15.93 percent in May 2026 from 15.69 percent recorded in April 2026.
The latest figures were released on Monday by the National Bureau of Statistics in its Consumer Price Index and inflation report.
The report showed that headline inflation on a month on month basis rose by 1.75 percent in May, reflecting continued pressure on consumer prices across the country.
Food inflation also recorded a significant increase, climbing to 16.96 percent in May from 16.06 percent in April, indicating persistent rises in the cost of essential food items.
According to the bureau:
“In May 2026, the headline inflation rate on a month on month basis was 1.75 percent, which was 0.39 percent lower than the rate recorded in April 2026 (2.13 percent).
On a year on year basis, the headline inflation rate rose to 15.93 percent, up from 15.69 percent in April 2026 and down from 26.06 percent in the same month of the preceding year (May 2025).
“The Food inflation rate in May 2026 on a month on month basis was 2.98 percent, down by 0.65 percentage points from April 2026 (3.63 percent). On a year on year basis, it was 16.96 percent and stood at 24.55 percent in the same month of the preceding year, May 2025”.
Although inflation continues to rise annually, the month on month pace of increase slowed slightly in May compared to April, suggesting a marginal easing in the speed of price growth.
The latest data comes after the Central Bank of Nigeria retained the country’s benchmark interest rate at 26.50 percent during its 305th Monetary Policy Committee meeting, maintaining a tight monetary stance aimed at curbing inflation and stabilizing the economy.
