Nigeria’s rising inflation pushes it to the bottom of global quality‑of‑life rankings.

Nigeria’s persistent inflation has pushed the country to the bottom of global quality‑of‑life rankings, according to the latest data from Numbeo.

Households and businesses across Nigeria have been feeling the squeeze, as the inflation rate climbed for a third straight month in 2026, reaching 15.93 percent in May.

The National Bureau of Statistics (NBS) reported that headline inflation rose to 15.93 percent and food inflation to 16.96 percent in May, up from 15.69 percent and 16.09 percent in April. The increases were 0.24 and 0.87 percentage points, respectively.

Month‑on‑month, headline inflation stood at 1.75 percent and food inflation at 2.98 percent, underscoring a continuing upward trend over the past three months. Rising prices for food, transportation, housing and energy have been the main drivers.

The result is a higher cost of living and a shrinking purchasing power for most Nigerians. Numbeo’s Quality of Life Index 2026 placed Nigeria at the bottom of the list, tied with Sri Lanka and Bangladesh. The ranking considers purchasing power, healthcare quality, safety, cost of living, pollution, traffic congestion, housing affordability and climate.

Rising inflation deepens hardship for Nigerians — Oyedokun

Professor of accounting and finance at Lead City University, Godwin Oyedokun, told DAILY POST that the continued rise in inflation is worsening economic hardship for households and businesses.

He said that the third consecutive increase in the inflation rate highlights the persistent economic pressures Nigerians face, especially as food and fuel prices climb.

“The third consecutive rise in Nigeria’s inflation rate underscores the persistence of economic pressures facing households and businesses. With fuel and food costs driving the increase, the data confirm that many Nigerians continue to struggle with a high cost of living despite signs of macroeconomic stabilisation in some areas,” he told DAILY POST.

Oyedokun noted that the figures show essential commodities such as food, transportation and energy are becoming increasingly unaffordable for many families. As inflation outpaces income growth, purchasing power falls, forcing households to cut spending, savings and investment in critical areas like education and healthcare.

“The figures reflect the harsh reality that essential items such as food, transportation and energy remain increasingly unaffordable for many families. As inflation outpaces income growth, purchasing power declines, forcing households to cut back on consumption, savings and investment in education and healthcare,” Oyedokun said.

He added that higher fuel prices have a multiplier effect across the economy, raising transportation and production costs that are ultimately passed on to consumers. Rising food inflation disproportionately burdens low‑income households, who spend a large share of their earnings on basic necessities.

“Higher fuel prices have a multiplier effect across the economy because they increase transportation and production costs, which are ultimately passed on to consumers. At the same time, rising food inflation places a disproportionate burden on low‑income households, who spend a significant share of their earnings on basic necessities,” he said.

Oyedokun stressed that the persistent rise in inflation calls for broader policy measures beyond monetary tightening. He urged the government to strengthen agricultural productivity, improve security in food‑producing communities, invest in critical infrastructure and reduce logistics costs to ease inflationary pressures.

“The sustained upward trend in inflation highlights the need for policies that go beyond monetary tightening. Strengthening agricultural productivity, improving security in food‑producing areas, investing in infrastructure, and reducing logistics costs will be essential to easing inflationary pressures and improving the welfare of ordinary Nigerians. Ultimately, while macroeconomic reforms may yield benefits over time, many citizens are still grappling with immediate and significant economic hardship,” Oyedokun said.

CPPE blames global energy shocks for Nigeria’s inflation rise

The Centre for the Promotion of Private Enterprise (CPPE) also reacted, attributing Nigeria’s persistent inflation to the ongoing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.

CPPE Chief Executive Officer Muda Yusuf said in a statement on Monday that the country’s inflation challenge remains largely cost‑push in nature.

As a solution, CPPE said: “Government intervention should focus on improving food security, strengthening logistics infrastructure, investing in mass transit and rail transportation, and enhancing energy supply.”