Nigerian Inflation Climbs to 15.93% in May Amid Rising Food Costs

Nigeria’s annual inflation rate rose to 15.93% in May 2026, marking the third consecutive monthly increase as sustained pressure from staple food prices continued to impact household budgets.

The latest Consumer Price Index report from the National Bureau of Statistics (NBS) shows a steady climb from 15.69% in April and 15.38% in March, rebounding from a brief drop to 15.06% back in February. Despite the annual increase, the pace of price increases actually slowed down on a month-on-month basis, dropping from 2.13% in April to 1.75% in May.

While the data points to a steady short-term rise, the current figures remain significantly lower than the same period last year, when annual headline inflation sat at a much higher 26.06% in May 2025.

An analysis of the components driving consumer prices reveals exactly where households are feeling the tightest squeeze. Food and non-alcoholic beverages continue to be the single largest driver, contributing 6.38 percentage points to the total annual inflation rate. Restaurants and accommodation services followed as the second largest contributor at 2.06 percentage points, with transportation adding 1.70 percentage points and housing utilities contributing 1.34 percentage points.

The remaining balance is divided among clothing, footwear, information technology, and personal care services. According to the data, the ongoing rise in food prices is heavily pushed by basic staples, including onions, maize, water yam, cassava flour, tomatoes, and plantains.

Core inflation, which strips out highly volatile costs like energy and agricultural produce, stood at 16.82% year-on-year. However, its month-on-month growth accelerated sharply from 1.03% in April to 1.94% in May, showing that underlying price pressures in the wider economy remain robust.

Geographically, inflation hit states with varying degrees of severity, as Yobe led the country with the highest annual inflation at 24.94%, followed closely by Anambra at 23.29% and Sokoto at 22.60%. Conversely, Niger reported the lowest annual rate at 3.07%, with Plateau and Edo following at 7.10% and 7.73% respectively. On a monthly scale, Benue saw the sharpest single-month jump at 8.23%, while Niger actually recorded a price decline of 4.55% month-on-month.

The data highlights a complex economic picture: while long-term inflationary pressures have cooled off dramatically compared to the peak highs of 2025, everyday consumer prices are still climbing steadily due to ongoing pressures in food supply chains and core services.