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Nigeria’s headline inflation rose to 15.93% in May 2026, up from 15.69% in April, marking the third consecutive monthly increase, according to the National Bureau of Statistics. 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. Average prices of staples including onions, maize, melon, cassava flour, fresh tomatoes, yam tubers, and plantain all moved upward in May.
If you run a business with food-related inputs, whether a restaurant, provision store, or catering operation, three straight months of rising prices is a signal to revisit your pricing strategy. Not to panic, but to plan.
Three consecutive monthly increases after a period of easing typically means suppliers are beginning to adjust upward. Locking in supplier rates now, or buying ahead on non-perishables where storage allows, could protect your margins before the next price round hits.
Persistent food inflation squeezes tenant disposable income before it shows up in rent affordability. When tenants are paying more for groceries, there is less room to absorb rent increases, even modest ones.
If you are planning a rent review this year, pushing hard right now risks higher vacancy and turnover costs, which often outweigh the gain from a rent bump. The smarter play in this environment is tenant retention over short-term rent maximisation.
This is not a crisis-level jump, but three consecutive monthly rises after a downward trend is worth watching. If food inflation continues climbing into the third quarter, expect tighter margins for food-adjacent SMEs and more friction in rent negotiations across Abuja and other major cities.
Source: National Bureau of Statistics, May 2026 CPI Report
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