Nigeria's inflation is heading in the wrong direction — again.
The country's headline inflation rate climbed to 15.93 per cent in May 2026, up from 15.69 per cent in April, according to fresh data released by the National Bureau of Statistics (NBS).
This is the third straight monthly increase in 2026 — a trend that signals persistent pressure on the wallets of ordinary Nigerians.
What the Numbers Say
The Consumer Price Index (CPI) rose to 140.7 in May, up from 138.3 in April — a 2.4-point jump in a single month.
On a month-on-month basis, headline inflation came in at 1.75 per cent, which is actually lower than the 2.13 per cent recorded in April. That sounds like good news — and it is, slightly.
But the bigger picture tells a different story. The annual rate has now risen three months in a row:
| Month | Annual Inflation Rate |
|---|---|
| March 2026 | 15.38% |
| April 2026 | 15.69% |
| May 2026 | 15.93% |
Still, when compared to May 2025, when headline inflation stood at 26.06 per cent, the current figure shows just how far Nigeria has come in pulling inflation down over the past year.
What Is Driving Prices Up?
Food remains the biggest culprit.
Food and non-alcoholic beverages alone contributed 6.38 percentage points to headline inflation. Prices of onions, maize, tomatoes, yam, pepper, crayfish, cassava, cowpea, and plantain all rose sharply.
Restaurants and accommodation services added another 2.06 percentage points. Transport contributed 1.70 points. Housing, water, electricity, and gas added 1.34 points.
Other contributors included education at 0.99 points, health at 0.97 points, and clothing and footwear at 0.80 points.
Food inflation on a year-on-year basis stood at 16.96 per cent in May — still elevated, but far lower than the 24.55 per cent recorded in May 2025.
Core Inflation Is the Worrying Part
Core inflation — which strips out volatile food and energy prices — stood at 16.82 per cent year-on-year in May.
But here is what should raise eyebrows: on a month-on-month basis, core inflation jumped to 1.94 per cent from just 1.03 per cent in April.
That near-doubling in one month suggests that broader price pressures — in services, rent, and manufactured goods — are building underneath the surface, even as food inflation slightly eases.
Services inflation came in at 17.92 per cent year-on-year. This is the kind of sticky inflation that does not respond quickly to monetary policy.
For Nigerians looking to stretch their naira further, our guide on smart ways to reduce living expenses and frugal living tips for 2026 offer practical steps to manage rising costs.
Urban vs Rural: Who Feels It More?
| Area | Year-on-Year Inflation | Month-on-Month |
|---|---|---|
| Urban | 16.07% | 1.99% |
| Rural | 15.60% | 1.17% |
Urban Nigerians face faster-rising prices on a monthly basis. Rural inflation, however, slowed sharply from 2.80 per cent in April to 1.17 per cent in May.
State by State: The Hotspots
Highest inflation (year-on-year):
- Yobe — 24.94%
- Anambra — 23.29%
- Sokoto — 22.60%
Lowest inflation (year-on-year):
- Niger — 3.07%
- Plateau — 7.10%
- Edo — 7.73%
On a monthly basis, Benue recorded the highest jump at 8.23 per cent, followed by Bayelsa at 7.62 per cent. Niger recorded an actual price decline of 4.55 per cent — a rarity in today's environment.
For food prices, Adamawa recorded the highest annual food inflation at 29.62 per cent, while Borno recorded outright food deflation of 6.53 per cent.
The 12-Month Average Picture
The average inflation rate for the 12 months ending May 2026 stood at 18.36 per cent — compared to 30.57 per cent in the same period in 2025.
That is nearly a 12-percentage-point improvement year-over-year. Progress, yes — but Nigerians are still paying significantly more for the same basket of goods than they were two years ago.
What It Means for You
Rising core inflation means the Central Bank of Nigeria (CBN) is unlikely to ease interest rates anytime soon.
Borrowing remains expensive. Savings need to work harder. And households on fixed income are feeling the squeeze the most.
Understanding how to budget effectively has never been more important. Our low income budget example and how to save money fast guides can help Nigerians build a financial buffer in a high-inflation environment.
Source: National Bureau of Statistics (NBS) — Consumer Price Index Report, May 2026. Additional context from Reuters and Bloomberg on West African macroeconomic trends.
Reported by the WealthBlueprint NewsDesk | June 15, 2026