Inflation hit 15.93% in May –NBS

From Isaac Anumihe, Abuja

The National Bureau of Statistics, (NBS) has said that the headline inflation rate rose to 15.93 per cent in May 2026 against April’s 15.69 per cent.

According to the latest Consumer Price Index (CPI) report yesterday the headline inflation slowed on a month-on-month basis 1.75 per cent in May from 2.13 per cent recorded in April, indicating that prices continued to rise but at a slower pace.

But on a year-on-year basis, inflation stood at 15.93 per cent compared with 15.69 per cent in April and 26.06 per cent in May 2025.

In a statement, Statistician-General of the Federation and Chief Executive Officer (SGF/CEO) of NBS, Prince Adeyemi Adeniran, said that the latest data were based on the recently-rebased consumer price index (CPI) framework with 2024 adopted as the new base year and 2023 as the weight reference period.

The CPI, according to him, rose to 140.7 points in May, representing a 2.4-point increase from the previous month.

The bureau identified food and non-alcoholic beverages, restaurants and accommodation services, and transport as the largest contributors to inflation during the month, accounting for 6.38 per cent, 2.06 per cent and 1.70 per cent respectively.

Food inflation, Adeniran, explained, a key concern for households, also moderated during the period. The food inflation rate fell to 2.98 per cent on a month-on-month basis from 3.63 per cent in April. Also, year-on-year food inflation stood at 16.96 per cent, significantly lower than the 24.55 per cent recorded in May 2025, adding that increases in products such as onions, maize, egusi, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, yam tubers, sweet potatoes, ginger, plantain and cowpea continued to influence food inflation trends.

Meanwhile, core inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May. However, on a monthly basis, core inflation accelerated to 1.94 per cent from 1.03 per cent in April, suggesting persistent underlying price pressures in the economy.

Adeniran also remarked that services inflation rose by 17.92 per cent year-on-year, while imported food inflation reached 14.60 per cent. Energy inflation stood at 5.73 per cent, while goods inflation was recorded at 6.62 per cent.

Farm produce inflation, however, declined by 1.26 per cent year-on-year.

Giving a breakdown by location, Adeniran put urban inflation at 16.07 per cent year-on-year, compared with 15.60 per cent in rural areas, adding that on a monthly basis, urban inflation increased by 1.99 per cent, while rural inflation slowed to 1.17 per cent.

ENDS