BREAKING; Nigeria’s cost of living rises as inflation climbs to 15.93%

Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), marking the third consecutive monthly increase this year.

The CPI rose to 140.7 in May, up from 138.3 in April, reflecting a 2.4-point increase and signalling continued upward pressure on consumer prices across the economy.

On a month-on-month basis, headline inflation stood at 1.75 per cent, representing a slowdown from 2.13 per cent in April, indicating a moderation in the pace of price increases despite the overall rise in the annual figure.

However, the year-on-year inflation trend continued its upward trajectory, climbing from 15.38 per cent in March to 15.69 per cent in April, before reaching 15.93 per cent in May 2026.

According to the NBS, while monthly inflation eased, underlying pressures in the economy remain visible, particularly in food and core service sectors.

Food and non-alcoholic beverages remained the largest driver of inflation, contributing 6.38 percentage points to the headline rate. Other key contributors included restaurants and accommodation services (2.06 points), transport (1.70 points), and housing, water, electricity, gas and other fuels (1.34 points).

Education, health, clothing and footwear, as well as communication and personal care services also added to inflationary pressures during the period.

Food inflation stood at 16.96 per cent year-on-year, down from 24.55 per cent in May 2025, but continued to weigh heavily on household spending. On a monthly basis, food inflation eased to 2.98 per cent, compared to 3.63 per cent in April.

Core inflation, which excludes volatile food and energy prices, rose to 16.82 per cent year-on-year, while monthly core inflation accelerated to 1.94 per cent, up from 1.03 per cent in April, suggesting persistent underlying price pressures in the broader economy.

Urban inflation was recorded at 16.07 per cent, while rural inflation stood at 15.60 per cent. Both segments also recorded varying monthly movements, reflecting uneven price dynamics across regions.

At the state level, Yobe recorded the highest inflation rate at 24.94 per cent, followed by Anambra (23.29 per cent) and Sokoto (22.60 per cent), while Niger State posted the lowest at 3.07 per cent.

In terms of food inflation, Adamawa led with 29.62 per cent, followed by Kwara (28.47 per cent) and Rivers (28.40 per cent), while Borno recorded food deflation at -6.53 per cent.

The NBS report further showed that the 12-month average inflation rate stood at 18.36 per cent, significantly lower than the 30.57 per cent recorded in the corresponding period of 2025, highlighting some easing in long-term price pressures despite recent monthly increases.

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