Nigeria’s headline inflation rate climbed to 15.93% on a year-on-year basis in May 2026, up slightly from 15.69% recorded in April, according to data released on Monday by the National Bureau of Statistics (NBS).
Despite the marginal uptick, the figure marks a significant improvement from the 26.06% recorded in May 2025, pointing to a sustained easing of price pressure over the past twelve months.
On a month-on-month basis, however, the pace of price increases slowed, with the headline inflation rate dropping 1.75% in May, from 2.13% in April, a decline of 0.39%, suggesting that prices rose more slowly in May than in the previous month.
Food inflation, which has been a major pressure point for Nigerian households stood at 16.96% year-on-year in May 2026, down sharply from 24.55% in the same month of 2025. On a month-on-month basis, food inflation eased to 2.98% from 3.63% in April.
The NBS attributed the movement in food prices to changes in the average prices of a range of staples including onions (Fresh), Maize (Corn) grains, Melon (Egusi), Water Yam, Cassava Flour, Crayfish, Pepper (Fresh), Tomatoes (Fresh), Wheat Grain, Cassava Tuber, Yam Tuber, Sweet Potatoes, Ginger (Fresh), Plantain, Cow Pea, among others.
The average annual food inflation rate for the twelve months ending May 2026 was 16.99%, a drop 16.22% points from the 33.21% recorded in May 2025.
Core Inflation-which excludes the prices of vola tile agricultural produces and energy, stood at 16.82% in May 2026 on a year-on-year basis; a decline of 8.1% when compared to the 24.92% recorded in May 2025. On a month-on-month basis, the Core Inflation rate was 1.94% in May 2026, up by 0.92% compared to April 2026 (1.03%).
The average twelve-month annual inflation rate was 19.59% for the twelve months ending May 2026, which was 7.47% points lower than the 27.05% recorded in May 2025.
URBAN INFLATION
On a year-on-year basis, in May 2026, the Urban inflation rate was 16.07%. On a month-on-month basis, the Urban inflation rate was 1.99% in May 2026, up by 0.13% compared to April 2026 (1.86%). The corresponding twelve-month average for the Urban inflation rate was 18.27% in May 2026. This was 14.28% points lower compared to the 32.55% reported in May 2025.
RURAL INFLATION
The Rural inflation rate in May 2026 was 15.60% on a year-on-year basis. On a month-on-month basis, the Rural inflation rate in May 2026 was 1.17%, down by 1.63% compared to April 2026 (2.80%). The corresponding twelve-month average for the Rural inflation rate in May 2026 was 18.19%. This was 10.16% points lower compared to the 28.36% recorded in May 2025.
