The National Bureau of Statistics (NBS) has released its latest inflation report for May 2026, revealing that Nigeria's headline inflation rate climbed to 15.93% year-on-year, up from 15.69% recorded in April. This persistent rise continues to exert pressure on households across the country, even as monthly inflation showed signs of moderation.
Key Inflation Figures
The Consumer Price Index (CPI) increased to 140.7 in May 2026, reflecting a 2.4-point increase from 138.3 in April. On a month-on-month basis, inflation eased to 1.75% in May, down from 2.13% in April, indicating a slower pace of price increases during the period.
Year-on-year inflation remained significantly lower than the 26.06% recorded in May 2025, showcasing a broad moderation in price growth compared to the previous year. The twelve-month average inflation rate stood at 18.36%, sharply down from 30.57% in the corresponding period of 2025.
Urban and Rural Inflation Trends
Urban inflation stood at 16.07% year-on-year, while rural inflation was slightly lower at 15.60%. On a month-on-month basis, urban inflation rose to 1.99%, while rural inflation slowed to 1.17%, indicating stronger price pressures in cities compared to rural areas.
Food Inflation Dynamics
Food inflation increased by 16.96% year-on-year in May 2026, down from 24.55% in May 2025. On a monthly basis, food inflation slowed to 2.98% from 3.63% in April, driven by changes in prices of staples such as onions, maize, yam, cassava products, tomatoes, pepper, ginger, plantain, and cowpeas. The twelve-month average food inflation rate stood at 16.99%, lower than 33.21% recorded in the previous year.
Core Inflation Trends
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82% year-on-year, compared to 24.92% in May 2025. However, on a month-on-month basis, core inflation rose to 1.94%, up from 1.03% in April, suggesting renewed short-term price pressures in underlying goods and services.
Top 10 States with Highest Inflation Rates in May 2026
The NBS data revealed wide variations in inflation across states. Here are the top 10 states with the highest overall inflation rates:
- Yobe – 24.9%
- Anambra – 23.3%
- Sokoto – 22.6%
- Abia – 22.2%
- Bauchi – 22.0%
- Akwa Ibom – 21.5%
- Delta – 21.5%
- Benue – 20.6%
- Enugu – 20.4%
- Zamfara – 20.2%
Top 10 States with Highest Food Inflation Rates in May 2026
Food inflation also varied significantly across states. The following states recorded the highest food inflation rates:
- Adamawa – 29.6%
- Kwara – 28.5%
- Rivers – 28.4%
- Enugu – 27.8%
- Bauchi – 25.4%
- Plateau – 24.8%
- Kaduna – 24.0%
- Delta – 23.8%
- Ondo – 23.1%
- Benue – 22.7%
Staple food prices across the country continue to rise sharply. Traders in Abuja, Taraba, and Kaduna states have hiked prices of key items such as rice, beans, maize, and groundnuts. However, some commodities recorded minor declines, including palm oil (25L jerry can), which fell from N70,000 to N53,000, and selected vegetables.
