Nigeria’s inflation rose to 15.93% in May - NBS

Nigeria's inflation rate has risen for the third consecutive month, reaching 15.93% in May 2026, according to the latest Consumer Price Index report from the National Bureau of Statistics (NBS). This upward trend places continued pressure on household budgets, largely driven by persistent increases in food prices.

The annual inflation rate increased from 15.69% in April to 15.93% in May, continuing a rebound that began in March after a slight dip to 15.06% in February. The NBS report indicates that the Consumer Price Index rose to 140.7 in May from 138.3 in April. Although the month-on-month inflation rate moderated to 1.75% in May from 2.13% in April, the annual rate's upward trajectory persists.

Food and non-alcoholic beverages remain the most significant contributors to headline inflation, accounting for 6.38 percentage points of the annual rate. Other key contributors include restaurants and accommodation services (2.06 percentage points), transport (1.70 percentage points), and housing, water, electricity, gas, and other fuels (1.34 percentage points). Education services, health, and clothing also added to the overall inflation figures.

Despite the recent monthly increases, the May 2026 inflation rate of 15.93% is substantially lower than the 26.06% recorded in May 2025. This indicates a significant easing of inflationary pressures over the past year. The average inflation for the 12 months ending May 2026 stood at 18.36%, a notable decrease from 30.57% during the same period in 2025.