Nigeria’s inflation rate rose for the third consecutive month in May 2026, climbing to 15.93 percent from 15.69 percent recorded in April, according to the latest Consumer Price Index (CPI) report released on Monday by the National Bureau of Statistics (NBS).
The figures indicate that consumer prices continued to edge higher despite recent monetary tightening efforts by the Central Bank of Nigeria (CBN).
On a month-on-month basis, headline inflation increased by 1.75 percent in May, although this was lower than the 2.13 percent recorded in April.
Food prices also remained under pressure, with food inflation rising to 16.96 percent year-on-year in May, up from 16.06 percent in the previous month. However, on a monthly basis, food inflation eased slightly to 2.98 percent from 3.63 percent recorded in April.
The NBS stated that while headline inflation increased from April’s level, it remained significantly lower than the 26.06 percent recorded in May 2025. Similarly, food inflation was lower than the 24.55 percent posted in the corresponding period last year.
The latest data signals a renewed inflationary trend after headline inflation recorded declines in March and April.
The development comes weeks after the Central Bank of Nigeria retained its benchmark interest rate at 26.50 percent at the conclusion of its 305th Monetary Policy Committee meeting, maintaining a tight monetary stance aimed at curbing rising prices.
