Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, marking the third consecutive monthly increase in the annual inflation rate, as the organised private sector blamed geopolitical tensions in the Middle East, rising energy costs, insecurity and import bottlenecks for the worsening inflation.
The latest Consumer Price Index report released by the National Bureau of Statistics on Monday showed that inflation increased from 15.69 per cent in April to 15.93 per cent in May, extending a rebound that began in March after inflation fell slightly to 15.06 per cent in February.
The report showed that the Consumer Price Index increased to 140.7 in May from 138.3 in April, representing a 2.4-point increase in the general price level.
According to the NBS, “In May 2026, the headline inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent). This means that in May 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in April 2026.”
Although the month-on-month inflation rate moderated, the annual inflation rate continued its upward trend, rising from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.
