Nigeria’s inflation rate climbs for a third straight month

Nigeria’s inflation rate climbed for the third straight month, reaching 15.93 percent in May 2026, up from 15.69 percent in April. The National Bureau of Statistics released the figures in its Consumer Price Index and inflation data on Monday.

On a month‑on‑month basis, the country’s inflation increased by 1.75 percent in May.

The report also showed that food inflation surged to 16.96 percent in May, compared with 16.06 percent in April.

“In May 2026, the headline inflation rate on a month‑on‑month basis was 1.75 percent, which was 0.39 percent lower than the rate recorded in April 2026 (2.13 percent). On a year‑on‑year basis, the headline inflation rate rose to 15.93 percent, up from 15.69 percent in April 2026 and down from 26.06 percent in the same month of the preceding year (May 2025). The food inflation rate in May 2026 on a month‑on‑month basis was 2.98 percent, down by 0.65 percentage points from April 2026 (3.63 percent). On a year‑on‑year basis, it was 16.96 percent and stood at 24.55 percent in the same month of the preceding year, May 2025.”

Daily Post reports that the headline inflation rate fell in March and April, respectively.

Recall that the Central Bank of Nigeria kept the country’s interest rate at 26.50 percent in its 305th Monetary Policy meeting.