Nigeria's inflation rises to 15.93% in May 2026 as food prices stay sticky

NBS data shows headline inflation ticked up to 15.93% year-on-year in May 2026 — a third straight monthly rise — even as the month-on-month pace cooled to 1.75%. Food inflation held at 16.96% and remained the single biggest driver.

By Opaindex Markets Desk · 15 June 2026 · Nigeria · 4 min read

Key takeaways

▪Nigeria's headline inflation rate rose to 15.93% year-on-year in May 2026, up from 15.69% in April — the third consecutive monthly increase — but still far below the 22.97% recorded a year earlier in May 2025.
▪Month-on-month price growth actually slowed: the headline CPI rose 1.75% in May, down from 2.13% in April, signalling that the pace of new price increases eased even as the annual figure crept higher.
▪Food inflation was 16.96% year-on-year (versus 24.55% a year earlier) and food & non-alcoholic beverages remained the largest contributor to the headline rate, at roughly 6.38 percentage points; food's monthly pace eased to 2.98% from 3.63% in April.
▪Core inflation — which strips out volatile farm produce and energy — was 16.82% year-on-year, with the urban rate (16.07%) running ahead of the rural rate (15.60%).

Nigeria's cost-of-living squeeze tightened a little further in May 2026. According to the National Bureau of Statistics (NBS) Consumer Price Index report, the headline inflation rate rose to 15.93% year-on-year, up from 15.69% in April — the third consecutive monthly increase in the annual rate. Even so, the figure sits well below the 22.97% recorded a year earlier in May 2025, the legacy of the sharp disinflation that ran through 2025 after the CPI was rebased.

Annual up, monthly down

The headline number can be read two ways, and they point in opposite directions. On a year-on-year basis inflation edged higher for a third month. But on a month-on-month basis — the better gauge of current momentum — price growth actually cooled to 1.75% in May, from 2.13% in April. In other words, prices are still rising, but the pace of fresh increases slowed; the annual rate is ticking up mainly because of base effects as last year's steeper monthly gains roll out of the 12-month window.

Food is still the main driver

Food inflation was 16.96% year-on-year, down from 24.55% in the same month of 2025, and its monthly pace eased to 2.98%, from 3.63% in April. Despite the slowdown, food & non-alcoholic beverages remained the single largest contributor to the headline figure — accounting for roughly 6.38 percentage points of it. That is the part of the basket Opaindex tracks most closely: staples such as local rice and white garri carry their own source, freshness and confidence on each price page, so readers can see how the national CPI aggregate lines up with specific market prices.

Core and the urban–rural split

Core inflation — which excludes volatile agricultural produce and energy — was 16.82% year-on-year, a reminder that price pressure is not confined to food and fuel. Transport and energy costs, including petrol (PMS), continue to feed through to the wider basket. The squeeze was also felt more in towns than in the countryside: the urban inflation rate was 16.07%, against 15.60% in rural areas.

What it means for policy and the naira

For the Central Bank of Nigeria, a still-elevated headline rate alongside a cooling monthly trend complicates the timing of any pivot to rate cuts. The CBN held its policy rate at 26.5% in May, saying it wanted to see inflation fall durably and the naira stay stable before easing. A third straight uptick in the annual rate — even a base-effect-driven one — gives the rate-setters little reason to move quickly.

For households, the takeaway is simpler: the rate of price increases is slowing, but prices themselves are not falling. That is why a single national percentage only tells part of the story — the live, sourced commodity, energy and food prices Opaindex tracks across Nigeria show where the squeeze is actually landing, item by item.

The figures above are NBS May 2026 CPI aggregates as published in June 2026; the live prices linked throughout carry their own asOf date, source and confidence on each commodity page.