Price pressures return as headline inflation rises to 15.93%

Nigeria’s headline inflation rate has continued on an upward trajectory after bucking the recent disinflation trend two months ago. Inflation rose to 15.93 percent in May 2026 from 15.69 percent in April 2026. This marginal increase marks the third consecutive monthly rise in the nation’s annualized price index.

The upward trajectory underscores persistent domestic price pressures despite previous monetary interventions. Analysts indicate that the uptick complicates the policy environment for the central bank as it steers fiscal stability across West African markets.

Food index remains volatile despite month-on-month deceleration

On a month-on-month basis, the food inflation rate for May 2026 was 2.98%. This figure represents a minor deceleration, down by 0.65 percentage points from the 3.63% recorded in April 2026.

However, long-term food security and pricing pressures remain stark. On a year-on-year basis, the food inflation rate stood at 16.96% in May 2026, compared to 24.55% during the same month of the preceding year, May 2025.