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How Inflation Increased to 15.93% in May – NBS

Headline inflation has climbed to 15.93% in May 2026, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS).

The CPI rose to 140.7 points, up from 138.3 in April, reflecting continued upward pressure on consumer prices.

On a month-to-month basis, inflation eased to 1.75%, down from 2.13% in April, showing slower price increases despite the annual rate continuing to rise.

This marks the third consecutive monthly increase in 2026, with inflation rising from 15.38% in March to 15.69% in April, and now 15.93% in May.

Food and non-alcoholic beverages remained the largest contributor, accounting for 6.38 percentage points of the annual rate. Other key drivers included restaurants and accommodation (2.06 points), transport (1.70 points), and housing, electricity, gas, and fuels (1.34 points).

Food inflation stood at 16.96% year-on-year, down from 24.55% in May 2025, while monthly food inflation eased to 2.98% from 3.63% in April. Rising costs of staples such as onions, maize, yam, cassava, tomatoes, and cowpea drove the increase.

Core inflation, which excludes food and energy, was 16.82% year-on-year, compared with 24.92% a year earlier. However, monthly core inflation accelerated to 1.94%, suggesting stronger underlying price pressures.

At the state level, Yobe (24.94%), Anambra (23.29%), and Sokoto (22.60%) recorded the highest annual inflation rates, while Niger (3.07%), Plateau (7.10%), and Edo (7.73%) had the lowest. Food inflation was highest in Adamawa (29.62%), while Borno recorded food deflation at -6.53%.

The NBS noted that while inflation has eased significantly compared to 26.06% in May 2025, persistent pressures from food, services, and insecurity continue to weigh on households and the broader economy.