Economy
THE National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate rose to 15.93 per cent in May.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for May released in Abuja on Monday.
The report said that the May headline inflation rate showed an increase of 0.24 per cent compared to the April headline inflation rate of 15.69 per cent.
Furthermore, the report said on a month-on-month basis, the headline inflation rate in May was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April at 2.13 per cent.
“This means that in May, the rate of increase in the average price level was lower than the rate of increase in the average price level in April.”
It said on a year-on-year basis, the headline inflation rate for May 2026 stood at 15.93 per cent, compared to the 26.06 per cent recorded in May 2025.”
It listed the three major contributors to the headline inflation year- on- year as food and non-alcoholic beverages at 6.38 per cent, restaurants and accommodation services at 2.06 per cent, and transport at 1.70 per cent.
The report said that the least contributors were recreation, sports, and culture at 0.05 per cent, alcoholic beverages, tobacco, and narcotics at 0.06 per cent, and insurance and financial services at 0.07 per cent.
It said that the CPI increased to 140.7 in May 2026, and reflected a 2.4 -point increase from the 138.3 recorded in April.
The report said the food inflation rate in May 2026 was 16.96 per cent on a year-on-year basis, compared to the rate recorded in May 2025 at 24.55 per cent.
It said that on a month-on-month basis, the food inflation rate in May was 2.98 per cent, which decreased by 0.65 per cent compared to the 3.63 per cent recorded in April.
The NBS highlighted the rate of change in the average prices of fresh onions, maize(corn), grains, melon(egusi), water yam, cassava flour, crayfish and fresh pepper.
“Others are fresh tomatoes, wheat grain, cassava tuber, yam,tuber, sweet potatoes, fresh ginger, plantain, cowpea, among others.”
The report said “All items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 16.82 per cent in May. on a year-on-year basis.
“This shows a decline of 8.1 per cent when compared to the 24.92 per cent recorded in May 2025.
“On a month-on-month basis, the core inflation rate was 1.94 per cent in May which increased by 0.92 per cent compared to the 1.03 per cent recorded in April.”
The report said that the inflation rate of the sub-indices for May 2026 on a month-on-month basis showed that energy stood at 0.72 per cent compared to 8.0 per cent in April.
It said farm produce stood at 0.86 per cent compared to 6.0 per cent in April, while services stood at 2.48 per cent compared to the 2.1 per cent recorded in April.
Goods stood at 0.73 per cent compared to the 3.2 per cent recorded in April, while imported food stood at 2.28 per cent compared to the 4.4 per cent recorded in April.
It said that on a year-on-year basis in May 2026, the urban inflation rate was 16.07 per cent.
“On a month-on-month basis, the urban inflation rate was 1.99 per cent, which increased by 0.13 per cent compared to April at 1.86 per cent.”
The report said that in May, rural inflation rate was 15.60 per cent on a year-on-year basis.
“On a month-on-month basis, the rural inflation rate was 1.17 per cent, which decreased by 1.63 per cent compared to April at 2.80 per cent.”
On states’ profile analysis, the report showed that in May, the all-items index inflation rate on a year-on-year basis was highest in Yobe at 24.94 per cent, followed by Anambra at 23.29 and Sokoto at 22.60 per cent.
It said that the lowest rise in headline inflation on a year-on-year basis was recorded in Niger at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent.
However, the report said that in May, the inflation rate on a month-on-month basis was highest in Benue at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.
“Niger at -4.55 per cent, followed by Zamfara at -3.36 per cent and Taraba at -2.67 per cent recorded a decline in month-on-month inflation.”
The report said that on a year-on-year basis, food inflation was highest in Adamawa at 29.62 per cent, followed by Kwara at 28.47 per cent, and Rivers at 28.40 per cent.
“Borno at -6.53 per cent, followed by Taraba at 1.13 per cent and Bayelsa at 5.99 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’
It said that on a month-on-month basis, food inflation was highest in Bauchi at 7.73 per cent, followed by Ogun at 6.86 per cent, and Jigawa at 6.69 per cent.
“Niger at -3.54 per cent, followed by Katsina at -3.48 per cent and Gombe at -2.22 per cent, recorded a decline in food inflation on a month-on-month basis.”(NAN)
F.O
Tags: Inflation