Nigeria May inflation up to 15.93% as monthly rise slows

Nigeria's annual inflation rate rose slightly in May, according to official data, but the pace of monthly price increases slowed, offering mixed signals for the country's economic outlook. The National Bureau of Statistics reported on Monday, June 15, that the headline inflation rate increased to 15.93 percent in May from 15.69 percent in April.

While the year-on-year figure edged higher, the month-on-month increase was more modest, rising 1.75 percent compared to 2.13 percent in April. Food inflation, a critical component, also moderated on a monthly basis, falling to 2.98 percent from 3.63 percent the previous month. The data showed significant progress compared to the same period last year, with the current inflation rate substantially lower than the 26.06 percent recorded in May 2025.

The Centre for the Promotion of Private Enterprise attributed the marginal annual increase to recent geopolitical tensions in the Middle East, which disrupted global energy markets and raised import-related costs. The group noted that higher crude oil prices, rising marine insurance premiums, and increased shipping costs contributed to the uptick. It identified food, transportation, housing,...