Nigeria’s inflation climbed for a third straight month, reaching 15.93% in May 2026, up from 15.69% in April, underscoring continued price pressure for households as the cost of staples also accelerated.
Key takeaways
- Nigeria’s headline inflation rose to 15.93% in May 2026, following 15.69% in April.
- On a month-to-month basis, inflation increased by 1.75% in May.
- Food inflation surged to 16.96% in May, up from 16.06% in the prior month.
- Food inflation’s year-on-year rate stood at 16.96% in May 2026.
- The Central Bank of Nigeria kept its policy interest rate at 26.50% after its 305th meeting.
Inflation edges higher after two prior months of movement
The National Bureau of Statistics reported the figures in its Consumer Price Index and inflation releases on Monday, noting that headline inflation increased for a third consecutive month. In May 2026, inflation rose by 1.75% on a month-on-month basis.
The data also show that the headline inflation rate in May was 0.39 percentage points lower than the rate registered in April 2026, when month-to-month inflation was 2.13%. Measured year-on-year, headline inflation increased to 15.93% in May, up from 15.69% in April. However, it remained below the level recorded in May 2025, when the year-on-year rate stood at 26.06%.
Food prices remain a key driver
Alongside the headline figures, the report highlighted food inflation, which jumped to 16.96% in May 2026 from 16.06% in April. While the year-on-year rate for food inflation rose over the past month, the month-to-month pace eased relative to April’s reading.
Specifically, food inflation on a month-to-month basis was 2.98% in May 2026, down by 0.65 percentage points from 3.63% in April 2026. On a year-on-year basis, food inflation came in at 16.96% in May 2026, and it was 24.55% in the same month of the previous year, May 2025.
Policy rates held steady as inflation fluctuates
Earlier in the year, the headline inflation rate had declined in March and April, respectively. The latest uptick comes even as monetary policy remains restrictive: the Central Bank of Nigeria retained the country’s interest rate at 26.50% at its 305th Monetary Policy meeting.
