Nigeria's Inflation Hits 15.93% in May 2026

According to the National Bureau of Statistics, Nigeria's inflation rate increased to 15.93% in May 2026, representing the third consecutive monthly rise. This follows rates of 15.38% in March and 15.69% in April.

The Consumer Price Index report indicates that the average price level rose by 2.4 points from April to May 2026. Year-on-year, the inflation rate is down 26.06% compared to May 2025.

The report shows that food prices are the primary driver of inflation, contributing 6.38 percentage points to the annual rate, with food inflation at 16.96% year-on-year. Month-on-month, food inflation decreased by 2.98% from April.

The average inflation rate for the 12 months ending May 2026 was recorded at 18.36%, a significant decrease from 30.57% in the same period in 2025. Core inflation, excluding volatile agricultural products and energy prices, stood at 16.82% year-on-year, indicating underlying price pressures in the economy.