……Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, according to the latest Consumer Price Index (CPI) report.
\The National Bureau of Statistics (NBS) data showed that the Consumer Price Index (CPI) increased to 140.7 in May 2026, representing a 2.4-point rise from the previous month’s 138.3, indicating continued upward pressure on consumer prices across the economy.
According to the report, on a month-on-month basis, headline inflation stood at 1.75 per cent in May 2026. This represents a decline of 0.39 percentage points compared to April 2026, when the rate was 2.13 per cent.
Although the month-on-month inflation rate moderated, the annual inflation rate continued its upward trend, rising from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.
The latest record marks the third consecutive hike in 2026.
While inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services, and other core components of the economy as global tensions and insecurity persist.
According to the NBS, “In May 2026, the headline inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent). This means that in May 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in April 2026.”
“On a year-on-year basis, the Headline inflation rate rose to 15.93 per cent, up from 15.69 per cent in April 2026 and down from 26.06 per cent in the same month of the preceding year (May 2025). Looking at the movement, the May 2026 Headline inflation rate showed an increase of 0.24 per cent compared to the April 2026 Headline inflation rate,” the report read.
The latest figure, however, remained substantially below the 26.06 per cent recorded in May 2025, highlighting the significant easing in inflationary pressures compared with a year earlier. The NBS noted that the May inflation rate was 0.24 percentage points higher than the 15.69 per cent recorded in April.