Nigeria's Inflation Hits 6-Month High at 15.93% in May

In May 2026, Nigeria's headline inflation rate rose to 15.93%, marking a 0.24% increase from April's 15.69%, according to the National Bureau of Statistics (NBS). This figure is the highest since December 2025.

The month-on-month inflation rate increased by 1.75%, while food inflation decreased to 3.63% year-on-year. The rise in inflation is attributed to higher prices of essential food items, including maize, onions, and tomatoes.

The Centre for the Promotion of Private Enterprise (CPPE), led by Dr. Muda Yusuf, noted that the increase in inflation is influenced by geopolitical tensions affecting global energy markets and rising import costs.

The report also highlighted that insecurity in agricultural regions is disrupting supply chains and reducing agricultural output, further contributing to the inflationary pressures. The highest year-on-year inflation rates were recorded in Yobe (24.94%), Anambra (23.29%), and Sokoto (22.60%), while the lowest was in Niger (3.07%).