Nigeria Inflation Rate Climbs to 15.93% in May as Rising Prices Continue to Squeeze Consumers

Nigeria’s inflation rate rose to 15.93% in May 2026, highlighting the continued pressure of rising prices on households and businesses across the country. Fresh data released by the National Bureau of Statistics (NBS) showed a slight increase from the 15.69% recorded in April, indicating that while inflation remains a major economic challenge, the pace of monthly price increases has started to slow. The Consumer Price Index (CPI), which measures changes in the prices of goods and services, increased to 140.7 points in May from 138.3 points in the previous month.

Despite the annual increase, there were signs of moderation in inflationary pressures. Month-on-month inflation slowed to 1.75% in May from 2.13% in April, suggesting that prices are still rising but at a less aggressive pace. Food inflation, one of the biggest concerns for Nigerian households, eased significantly to 16.96% year-on-year compared to 24.55% in May 2025. The NBS attributed changes in food prices to fluctuations in the cost of staple items such as onions, tomatoes, maize, yam, cassava flour, ginger, plantain, and cowpea.

A closer look at the figures reveals varying trends across urban and rural areas. Urban inflation stood at 16.07% year-on-year, with monthly inflation edging up slightly to 1.99%. In contrast, rural inflation came in at 15.60% annually, while the monthly rate slowed sharply to 1.17% from 2.80% in April. Meanwhile, core inflation, which excludes volatile agricultural produce and energy prices, rose to 16.82% year-on-year, reflecting persistent underlying price pressures in the broader economy.

Long-term inflation indicators also pointed to some improvement compared to a year ago. The average annual food inflation rate for the twelve months ending May 2026 dropped to 16.99%, down from 33.21% recorded in the corresponding period of 2025. Similarly, average urban inflation declined to 18.27% from 32.55%, while rural inflation fell to 18.19% from 28.36%. Core inflation’s twelve-month average also moderated significantly, dropping to 19.59% from 27.05% a year earlier.

Analysts say external economic factors continue to influence Nigeria’s inflation outlook. Rising global commodity prices, ongoing geopolitical tensions in the Middle East, and disruptions in energy supply chains have contributed to higher costs worldwide. The World Bank Energy Index rose to 146.4 points, while the FAO Food Price Index increased for the third consecutive month. Although inflation appears to be easing gradually, recent increases in food prices across major Lagos markets and the persistently high cost of maintaining a healthy diet in Abuja suggest that many Nigerians are yet to feel meaningful relief from the cost-of-living crisis.

source: nairametrics