Nigeria's headline inflation rate increased to 15.93 percent in May 2026, continuing the upward trend observed since the start of the year, according to the latest data from the National Bureau of Statistics (NBS). This marks a rise from the 15.69 percent recorded in April, indicating that the prices of goods and services continued to climb, albeit at a slower monthly pace.
Key Findings from the CPI Report
The Consumer Price Index (CPI) report released by the NBS on Monday revealed that the May inflation rate was 0.24 percentage points higher than the previous month. However, on a month-on-month basis, inflation decelerated to 1.75 percent in May from 2.13 percent in April. The NBS noted that while prices are still rising, the rate of increase has moderated compared to the prior month.
“On a year-on-year basis, the Headline inflation rate rose to 15.93%, up from 15.69% in April 2026,” the bureau stated. This marks the third consecutive monthly increase in headline inflation this year.
Food Inflation Trends
Food inflation, a major driver of household spending, also increased. The NBS reported that food inflation rose to 16.96 percent in May from 16.68 percent in April. The bureau attributed this rise to price changes in key staple foods, including fresh onions, maize grains, melon (egusi), water yams, cassava flour, crayfish, fresh pepper, tomatoes, wheat grains, cassava tubers, yam tubers, sweet potatoes, ginger, plantain, and cowpea.
Despite the annual increase, monthly food inflation declined to 2.98 percent from 3.63 percent in April, suggesting a slower pace of food price increases during the month.
State-by-State Food Inflation Variations
The report highlighted significant disparities in food inflation across states. On a year-on-year basis, Adamawa recorded the highest food inflation at 29.62 percent, followed by Kwara at 28.47 percent and Rivers at 28.40 percent. Conversely, Borno recorded the lowest at -6.53 percent, while Taraba and Bayelsa posted 1.13 percent and 5.99 percent, respectively.
On a month-on-month basis, Bauchi had the highest food inflation at 7.73 percent, followed by Ogun at 6.86 percent and Jigawa at 6.69 percent. In contrast, Niger recorded the slowest increase at 3.54 percent, while Katsina and Gombe experienced negative food inflation rates of -3.48 percent and -2.22 percent, respectively.
Implications for Households
The latest inflation figures come as many households continue to struggle with high living costs, despite recent signs of economic stabilisation. Food remains the largest component of consumer spending for most Nigerians, making changes in food prices a critical indicator of household welfare.
