Nigeria's inflation rate rises to 15.93% in May amid high food prices

Nigeria's inflation rate continued its upward trajectory, reaching 15.93% in May 2026, according to the National Bureau of Statistics (NBS). This figure represents an increase from April's 15.69%, extending a trend observed since the beginning of the year. While the annual inflation rate climbed by 0.24 percentage points, the NBS noted that the monthly inflation rate slowed to 1.75% in May, down from 2.13% in April.

Food prices, a significant component of household expenditure in Nigeria, also saw an increase, with food inflation rising to 16.96% in May from 16.68% in April. The NBS report highlighted price changes in essential food items such as onions, maize, wheat, and cassava. However, similar to the headline rate, monthly food inflation also decelerated, falling to 2.98% in May from 3.63% in April.

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On a year-on-year basis, the Headline inflation rate rose to 15.93%, up from 15.69% in April 2026.

The report also detailed significant variations in food inflation across different states. Adamawa recorded the highest year-on-year food inflation at 29.62%, followed by Kwara and Rivers. Conversely, Borno reported a negative food inflation rate of -6.53%. On a month-on-month basis, Bauchi experienced the highest food inflation at 7.73%, while Niger saw the slowest increase at 3.54%. These figures emerge as many Nigerian households continue to struggle with the high cost of living.

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On a month-on-month basis, inflation slowed to 1.75 per cent in May from 2.13 per cent recorded in April.