According to the National Bureau of Statistics, Nigeria’s headline inflation rose to 15.93% in May 2026, up from 15.69% in April, marking the third consecutive monthly increase. The average inflation rate for the 12 months ending May 2026 stood at 18.36%, down sharply from 30.57% in the same period last year, so while the monthly trend is ticking up again, the broader picture still shows easing compared to 2025.
Food remained the biggest driver, with average prices of staples including onions, maize, melon, cassava flour, fresh tomatoes, yam tubers, and plantain all moving upward.
WHAT THIS MEANS FOR YOUR BUSINESS
If you run a business with food-related inputs, restaurants, provision stores, catering, the third straight monthly rise signals it’s time to revisit pricing, not panic but plan. Three months of consecutive increases after a period of easing often means suppliers are adjusting upward too; locking in supplier rates now or buying ahead on non-perishables could protect margins before the next price round hits.
WHAT THIS MEANS FOR LANDLORDS AND RENTERS
For landlords, persistent food inflation squeezes tenant disposable income before it shows up in rent affordability. Tenants paying more for groceries have less room for rent increases, even nominal ones. If you’re planning a rent review this year, pushing too hard right now risks higher vacancy and turnover costs, which often outweigh the gain from a rent bump.
BOTTOM LINE
This isn’t a crisis-level jump, but three consecutive monthly rises after a downward trend is worth watching. If food inflation continues climbing into Q3, expect tighter margins for food-adjacent SMEs and more friction in rent negotiations across the board.
Source: National Bureau of Statistics, May 2026 CPI Report