By Peter Omopo
Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, extending the upward trend in consumer prices despite signs of moderation in monthly price increases, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The report showed that the CPI increased to 140.7 points in May from 138.3 points recorded in April, reflecting continued pressure on the prices of goods and services across the economy.
On a month-on-month basis, however, inflation slowed to 1.75 per cent in May from 2.13 per cent in April, indicating that the pace of price increases moderated during the month.
Data from the NBS revealed that annual inflation rose for the third consecutive month in 2026, increasing from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.
Despite the increase, the figure remains significantly lower than the 26.06 per cent inflation rate recorded in May 2025, suggesting an improvement when compared with the same period last year.
According to the bureau, the average inflation rate for the twelve months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded during the corresponding period in 2025.
Food prices continued to be the largest contributor to inflationary pressures, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, while transportation added 1.70 percentage points.
Other major contributors included housing, water, electricity, gas and other fuels, which accounted for 1.34 percentage points. Education and health services contributed 0.99 and 0.97 percentage points respectively, while clothing and footwear added 0.80 percentage points.
The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, lower than the 24.55 per cent recorded in May 2025. On a monthly basis, food inflation eased to 2.98 per cent from 3.63 per cent in April.
The increase in food prices was largely driven by rising costs of staple commodities, including onions, maize, yam, cassava products, pepper, tomatoes and various grain products.
Core inflation, which excludes the prices of farm produce and energy, rose to 16.82 per cent year-on-year. On a monthly basis, core inflation accelerated to 1.94 per cent from 1.03 per cent in April, indicating persistent underlying price pressures.
Urban inflation was recorded at 16.07 per cent year-on-year, while rural inflation stood at 15.60 per cent. Monthly urban inflation increased to 1.99 per cent, whereas rural inflation slowed sharply to 1.17 per cent from 2.80 per cent recorded in April.
Services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month. Imported food inflation stood at 14.60 per cent annually, while goods inflation and energy inflation were recorded at 6.62 per cent and 5.73 per cent respectively.
At the subnational level, Yobe State recorded the highest headline inflation rate at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent. Niger State recorded the lowest inflation rate at 3.07 per cent, with Plateau and Edo also among states with relatively low inflation figures.
On a monthly basis, Benue recorded the highest increase in inflation at 8.23 per cent, while Niger State recorded a decline of 4.55 per cent.
Food inflation varied across states, with Adamawa posting the highest rate at 29.62 per cent, followed by Kwara and Rivers states. Borno State recorded food deflation of 6.53 per cent.
Similarly, Bauchi recorded the highest month-on-month food inflation rate at 7.73 per cent, while Niger, Katsina and Gombe states experienced declines in food prices during the period under review.
The latest NBS report highlights the persistence of inflationary pressures in Africa’s largest economy, even as monthly indicators suggest a gradual moderation in the pace of price increases.
