Nigeria’s Inflation Rises for Third Consecutive Month, Hits 15.93% in May

Nigeria’s inflation rate increased for the third consecutive month, rising to 15.93 percent in May 2026 compared to 15.69 percent recorded in April 2026.

The National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index and inflation report released on Monday.

The report showed that on a month-on-month basis, inflation rose by 1.75 percent in May, reflecting continued price pressures across the economy.

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“In May 2026, the headline inflation rate on a month-on-month basis was 1.75 percent, reflecting changes in the general price level compared to the previous month,” the report stated.

The NBS further revealed that food inflation also rose sharply to 16.96 percent in May, up from 16.06 percent recorded in April.

“Food inflation in May 2026 stood at 16.96 percent on a year-on-year basis, indicating a continued rise in the cost of food items compared to the previous year,” it added.

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The report also noted that on a month-on-month basis, food inflation stood at 2.98 percent in May, representing a decline compared to 3.63 percent recorded in April.

The bureau explained that while monthly food inflation showed a slight slowdown, overall price levels continued to rise compared to both the previous month and the same period last year.

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On a year-on-year basis, headline inflation stood significantly lower than the 26.06 percent recorded in May 2025, reflecting changes in the inflationary trend over the past year.

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