Nigeria’s headline inflation rate increased for the third consecutive month, reaching 15.93 percent in May 2026, up from 15.69 percent recorded in April, according to the latest Consumer Price Index (CPI) report released on Monday by the National Bureau of Statistics (NBS).

The report showed that on a month-on-month basis, inflation rose by 1.75 percent in May, although this represented a slowdown from the 2.13 percent recorded in April.

Food inflation also recorded an increase, rising to 16.96 percent in May from 16.06 percent in the previous month, highlighting persistent pressure on household food costs across the country.

According to the NBS, the headline inflation rate increased year-on-year to 15.93 percent in May 2026 from 15.69 percent in April. However, it remained significantly lower than the 26.06 percent recorded in May 2025.

The statistics agency further noted that food inflation rose to 16.96 percent year-on-year in May, compared to 24.55 percent in the corresponding period of last year. On a monthly basis, food inflation stood at 2.98 percent, down from 3.63 percent recorded in April.

The latest figures suggest that while the pace of monthly price increases has moderated, inflationary pressures continue to build, particularly in the food sector.

The development comes weeks after the Central Bank of Nigeria (CBN) retained its benchmark interest rate at 26.50 percent during its 305th Monetary Policy Committee meeting, citing the need to sustain efforts aimed at containing inflation and stabilising prices.