National Bureau of Statistics (NBS) has disclosed that Nigeria’s headline inflation rate increased to 15.93 per cent year-on-year in May 2026, up from 15.69 per cent the previous month.

The NBS Consumer Price Index (CPI) also rose from 138.3 per cent in April 2026 to 140.7 per cent in May 2026. Food inflation stood at 16.96 per cent year-on-year, while core inflation, which excludes volatile agricultural produce and energy, reached 16.82 per cent.

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On a month-on-month basis, however, headline inflation moderated to 1.75 per cent from 2.13 per cent in April, indicating a slower pace of average price increases.

Similarly, month-on-month food inflation decreased to 2.98 per cent from 3.63 per cent. Core inflation rose monthly to 1.94 per cent from 1.03 per cent. The persistent rise in year-on-year inflation indicates that price pressures remain elevated, largely driven by food prices.

Nevertheless, the deceleration in month-on-month headline and food inflation suggests some easing of immediate price momentum.

The sharp increase in monthly core inflation reveals that underlying structural costs and non-food price dynamics remain significant hurdles, which could continue to erode households’ purchasing power and raise production costs for firms.

Experts have, therefore, advised that the federal government must tackle structural bottlenecks driving core inflation, particularly energy and transport costs.

“Simultaneously, targeted interventions in agricultural value chains are essential to sustain the downward trend in monthly food inflation.

“At the same time, the Central Bank should maintain its focus on stabilising the currency to mitigate imported inflation.”