The annual inflation rate in Nigeria rose for a third straight month to 15.93% in May 2026, marking the highest since last November, from 15.69% in the previous month. Food inflation, the largest component of the inflation basket, accelerated for the fourth month to 17.8% from 16.6% in April, alongside transport costs, up 17.1% from 16%, partly driven by the continued pass-through of the March fuel price shock linked to the Middle East conflict. Prices also continued to increase for health (18.7% vs 18.9%), restaurants and accommodation services (24% vs 27.9%), and personal care, social protection and miscellaneous goods and services (17.8% vs 18.5%). In contrast, inflation notably softened for information and communication (7.4% vs 8.4%). Meanwhile, the core inflation rate, which strips out the volatile prices of agricultural produce and energy, rose by 16.82% from 15.86% in the month before. On a monthly basis, the CPI went up by 1.75% in May, easing from a 2.13% gain in April.