Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, marking the third consecutive monthly increase in the annual inflation rate, as the organised private sector blamed geopolitical tensions in the Middle East, rising energy costs, insecurity and import bottlenecks for the worsening inflation.The latest Consumer Price Index report released by the National Bureau of Statistics on Monday showed that inflation increased from 15.69 per cent in April to 15.93 per cent in May, extending a rebound that began in March after inflation fell slightly to 15.06 per cent in February.The report showed that the Consumer Price Index increased to 140.7 in May from 138.3 in April, representing a 2.4-point increase in the general price level.According to the NBS, “In May 2026, the headline inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent). This means that in May 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in April 2026.”Although the month-on-month inflation rate moderated, the annual inflation rate continued its upward trend, rising from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.“On a year-on-year basis, the headline inflation rate rose to 15.93 per cent, up from 15.69 per cent in April 2026 and down from 26.06 per cent in the same month of the preceding year (May 2025). Looking at the movement, the May 2026 Headline inflation rate showed an increase of 0.24 per cent compared to the April 2026 Headline inflation rate,” the report read.The latest figure, however, remained substantially below the 26.06 per cent recorded in May 2025, highlighting the significant easing in inflationary pressures compared with a year earlier. The NBS noted that the May inflation rate was 0.24 percentage points higher than the 15.69 per cent recorded in April.An analysis of the inflation basket showed that food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, transport accounted for 1.70 percentage points, while housing, water, electricity, gas and other fuels contributed 1.34 percentage points.Education services contributed 0.99 percentage points to headline inflation, followed by health at 0.97 percentage points and clothing and footwear at 0.80 percentage points. Information and communication, personal care, and miscellaneous goods and services each contributed 0.52 percentage points.The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. The latest Consumer Price Index report released by the National Bureau of Statistics on Monday showed that inflation increased from 15.69 per cent in April to 15.93 per cent in May, extending a rebound that began in March after inflation fell slightly to 15.06 per cent in February.The report showed that the Consumer Price Index increased to 140.7 in May from 138.3 in April, representing a 2.4-point increase in the general price level.According to the NBS, “In May 2026, the headline inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent). This means that in May 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in April 2026.”Although the month-on-month inflation rate moderated, the annual inflation rate continued its upward trend, rising from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.“On a year-on-year basis, the headline inflation rate rose to 15.93 per cent, up from 15.69 per cent in April 2026 and down from 26.06 per cent in the same month of the preceding year (May 2025). Looking at the movement, the May 2026 Headline inflation rate showed an increase of 0.24 per cent compared to the April 2026 Headline inflation rate,” the report read.The latest figure, however, remained substantially below the 26.06 per cent recorded in May 2025, highlighting the significant easing in inflationary pressures compared with a year earlier. The NBS noted that the May inflation rate was 0.24 percentage points higher than the 15.69 per cent recorded in April.An analysis of the inflation basket showed that food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, transport accounted for 1.70 percentage points, while housing, water, electricity, gas and other fuels contributed 1.34 percentage points.Education services contributed 0.99 percentage points to headline inflation, followed by health at 0.97 percentage points and clothing and footwear at 0.80 percentage points. Information and communication, personal care, and miscellaneous goods and services each contributed 0.52 percentage points.The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. The report showed that the Consumer Price Index increased to 140.7 in May from 138.3 in April, representing a 2.4-point increase in the general price level.According to the NBS, “In May 2026, the headline inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent). This means that in May 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in April 2026.”Although the month-on-month inflation rate moderated, the annual inflation rate continued its upward trend, rising from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.“On a year-on-year basis, the headline inflation rate rose to 15.93 per cent, up from 15.69 per cent in April 2026 and down from 26.06 per cent in the same month of the preceding year (May 2025). Looking at the movement, the May 2026 Headline inflation rate showed an increase of 0.24 per cent compared to the April 2026 Headline inflation rate,” the report read.The latest figure, however, remained substantially below the 26.06 per cent recorded in May 2025, highlighting the significant easing in inflationary pressures compared with a year earlier. The NBS noted that the May inflation rate was 0.24 percentage points higher than the 15.69 per cent recorded in April.An analysis of the inflation basket showed that food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, transport accounted for 1.70 percentage points, while housing, water, electricity, gas and other fuels contributed 1.34 percentage points.Education services contributed 0.99 percentage points to headline inflation, followed by health at 0.97 percentage points and clothing and footwear at 0.80 percentage points. Information and communication, personal care, and miscellaneous goods and services each contributed 0.52 percentage points.The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. According to the NBS, “In May 2026, the headline inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent). This means that in May 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in April 2026.”Although the month-on-month inflation rate moderated, the annual inflation rate continued its upward trend, rising from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.“On a year-on-year basis, the headline inflation rate rose to 15.93 per cent, up from 15.69 per cent in April 2026 and down from 26.06 per cent in the same month of the preceding year (May 2025). Looking at the movement, the May 2026 Headline inflation rate showed an increase of 0.24 per cent compared to the April 2026 Headline inflation rate,” the report read.The latest figure, however, remained substantially below the 26.06 per cent recorded in May 2025, highlighting the significant easing in inflationary pressures compared with a year earlier. The NBS noted that the May inflation rate was 0.24 percentage points higher than the 15.69 per cent recorded in April.An analysis of the inflation basket showed that food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, transport accounted for 1.70 percentage points, while housing, water, electricity, gas and other fuels contributed 1.34 percentage points.Education services contributed 0.99 percentage points to headline inflation, followed by health at 0.97 percentage points and clothing and footwear at 0.80 percentage points. Information and communication, personal care, and miscellaneous goods and services each contributed 0.52 percentage points.The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Although the month-on-month inflation rate moderated, the annual inflation rate continued its upward trend, rising from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.“On a year-on-year basis, the headline inflation rate rose to 15.93 per cent, up from 15.69 per cent in April 2026 and down from 26.06 per cent in the same month of the preceding year (May 2025). Looking at the movement, the May 2026 Headline inflation rate showed an increase of 0.24 per cent compared to the April 2026 Headline inflation rate,” the report read.The latest figure, however, remained substantially below the 26.06 per cent recorded in May 2025, highlighting the significant easing in inflationary pressures compared with a year earlier. The NBS noted that the May inflation rate was 0.24 percentage points higher than the 15.69 per cent recorded in April.An analysis of the inflation basket showed that food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, transport accounted for 1.70 percentage points, while housing, water, electricity, gas and other fuels contributed 1.34 percentage points.Education services contributed 0.99 percentage points to headline inflation, followed by health at 0.97 percentage points and clothing and footwear at 0.80 percentage points. Information and communication, personal care, and miscellaneous goods and services each contributed 0.52 percentage points.The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. “On a year-on-year basis, the headline inflation rate rose to 15.93 per cent, up from 15.69 per cent in April 2026 and down from 26.06 per cent in the same month of the preceding year (May 2025). Looking at the movement, the May 2026 Headline inflation rate showed an increase of 0.24 per cent compared to the April 2026 Headline inflation rate,” the report read.The latest figure, however, remained substantially below the 26.06 per cent recorded in May 2025, highlighting the significant easing in inflationary pressures compared with a year earlier. The NBS noted that the May inflation rate was 0.24 percentage points higher than the 15.69 per cent recorded in April.An analysis of the inflation basket showed that food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, transport accounted for 1.70 percentage points, while housing, water, electricity, gas and other fuels contributed 1.34 percentage points.Education services contributed 0.99 percentage points to headline inflation, followed by health at 0.97 percentage points and clothing and footwear at 0.80 percentage points. Information and communication, personal care, and miscellaneous goods and services each contributed 0.52 percentage points.The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. The latest figure, however, remained substantially below the 26.06 per cent recorded in May 2025, highlighting the significant easing in inflationary pressures compared with a year earlier. The NBS noted that the May inflation rate was 0.24 percentage points higher than the 15.69 per cent recorded in April.An analysis of the inflation basket showed that food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, transport accounted for 1.70 percentage points, while housing, water, electricity, gas and other fuels contributed 1.34 percentage points.Education services contributed 0.99 percentage points to headline inflation, followed by health at 0.97 percentage points and clothing and footwear at 0.80 percentage points. Information and communication, personal care, and miscellaneous goods and services each contributed 0.52 percentage points.The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. An analysis of the inflation basket showed that food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, transport accounted for 1.70 percentage points, while housing, water, electricity, gas and other fuels contributed 1.34 percentage points.Education services contributed 0.99 percentage points to headline inflation, followed by health at 0.97 percentage points and clothing and footwear at 0.80 percentage points. Information and communication, personal care, and miscellaneous goods and services each contributed 0.52 percentage points.The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Education services contributed 0.99 percentage points to headline inflation, followed by health at 0.97 percentage points and clothing and footwear at 0.80 percentage points. Information and communication, personal care, and miscellaneous goods and services each contributed 0.52 percentage points.The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. The report further showed that average inflation for the 12 months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded in the corresponding period of 2025.Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Food prices remained one of the strongest drivers of inflation during the month. The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, compared with 24.55 per cent in the corresponding month of 2025. On a month-on-month basis, food inflation eased to 2.98 per cent from 3.63 per cent recorded in April.According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. According to the bureau, the increase in food prices was driven by the rising cost of staple items, including onions, maize grains, melon, water yam, cassava flour, crayfish, fresh pepper, tomatoes, wheat grain, cassava tubers, yam tubers, sweet potatoes, ginger, plantain and cowpea.“The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. “The average annual rate of Food inflation for the twelve months ending May 2026 over the previous twelve-month average was 16.99 per cent, which was 16.22 percentage points lower compared with the average annual rate of change recorded in May 2025 (33.21 per cent),” the report stated. The report also showed persistent inflationary pressures outside food and energy.OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. OPS speaksIn separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. In separate interviews with The PUNCH, business leaders, including Deputy President of the National Association of Small-Scale Industrialists, Segun Kuti-George, linked the May inflation to the Iran conflict and disruptions in global oil trade.“Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. “Inflation has certainly been on an upward trend extensively because of the war in Iran. Coupled with the closure of the Hormuz Strait by Iran and the blockade by the US, which has negatively impacted 20 per cent of petroleum-produced trade,” Kuti-George said.He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. He said the inflationary trend had become alarming and continued to weigh heavily on households and manufacturers through elevated fuel and cooking gas prices. “The impact has been huge. It has affected not only the households, but the manufacturers,” Kuti-George stated.According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. According to the NASSI VP, although petrol prices declined in some locations from about N1,300 per litre to around N1,205, cooking gas remained unaffordable for many Nigerians. “You have a kg of gas selling for N2,000 to N2,500 in a lot of places. Where it is a little bit less than that, the queue that you will find there is frustrating,” Kuti-George added.He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. He expressed hope that recent diplomatic developments in the Middle East would ease pressure on petroleum markets and eventually reduce inflationary pressures.Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the latest inflation increase to external shocks from geopolitical tensions.In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. In the CPPE’s policy brief on the May inflation, Yusuf stated: “The Centre for the Promotion of Private Enterprise notes the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflecting the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.”He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. He affirmed that rising crude oil prices, higher marine insurance costs, shipping disruptions and increased import costs had combined to exert pressure on domestic prices.However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. However, Yusuf noted that inflationary pressures appeared to be moderating monthly. “Headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent. This suggests that although inflationary pressures persist, the pace of price escalation is slowing,” the economist said.Related NewsKwara APC crisis worsens as elders reject gov candidateReps extend 2025 capital budget execution to Sept11 years on, Edo family still searching for missing relativeHe identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. He identified food, transportation, housing, energy, health and education as the major contributors to inflation, accounting for about 87 per cent of headline inflation. “Food inflation at 16.96 per cent remains particularly concerning, as it continues to outpace headline inflation and weaken household purchasing power,” Yusuf added.The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. The CPPE chief also pointed to insecurity in farming communities as a major structural factor driving food inflation. “Insecurity has displaced farming communities, reduced cultivated acreage, disrupted agricultural supply chains and increased transportation costs,” Yusuf stated.He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. He urged the government to focus on tackling structural cost drivers rather than relying mainly on monetary tightening.On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. On his part, the President of the Association of Business Owners of Nigeria, Dr Femi Egbesola, said fuel costs, insecurity and challenges in the import process were key contributors to the inflation increase.“The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. “The factors behind the marginal increase in inflation are still the cost of fuel, which has not really come down considerably. Energy cost remains high, and I think this is a result of the US-Iran war. Its impact is still lingering,” Egbesola said.He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. He described insecurity as one of the biggest inflation drivers, noting that many farmers could no longer access their farmlands. “Most farmers find it difficult to access their farms now because of the incessant insecurity we have here and there and now even extending to the South-West,” Egbesola stated.The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. The ASBON chief also blamed inefficiencies associated with the National Single Window platform for raising import costs and worsening inflationary pressures.“The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. “The portal did not work as planned and for that reason the cost of importing increased considerably because a number of those containers entered demurrage. Some pay as much as $300 a day for demurrage, and all of these will go directly to the consumers,” Egbesola said.While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. While welcoming reports of easing tensions between the United States and Iran, he said Nigerians should not expect an immediate impact on inflation. “Before we begin to see the impact of these on inflation and even on the economy, it will not be immediate, maybe in the next four to six months,” Egbesola added.Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Further breakdownCore inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Core inflation, which excludes volatile agricultural produce and energy prices, stood at 16.82 per cent year-on-year in May, compared with 24.92 per cent in May 2025. On a month-on-month basis, however, core inflation accelerated sharply to 1.94 per cent from 1.03 per cent in April.This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. This suggests that underlying price pressures in the broader economy strengthened during the month despite the moderation in headline and food inflation on a monthly basis.Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Urban inflation was recorded at 16.07 per cent year-on-year in May, while monthly urban inflation rose to 1.99 per cent from 1.86 per cent in April. The 12-month average urban inflation rate stood at 18.27 per cent, significantly lower than the 32.55 per cent recorded a year earlier.In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. In rural areas, inflation stood at 15.60 per cent year-on-year. Monthly rural inflation slowed markedly to 1.17 per cent from 2.80 per cent in April, while the 12-month average rural inflation rate eased to 18.19 per cent from 28.36 per cent recorded in May 2025.Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Further analysis of the report showed that services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month.Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Imported food inflation stood at 14.60 per cent year-on-year and 2.28 per cent monthly, while goods inflation was recorded at 6.62 per cent year-on-year and 0.73 per cent month-on-month. Energy inflation stood at 5.73 per cent year-on-year and 0.72 per cent month-on-month.At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. At the state level, Yobe recorded the highest headline inflation rate on a year-on-year basis at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent.Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Niger recorded the lowest annual inflation rate at 3.07 per cent, followed by Plateau at 7.10 per cent and Edo at 7.73 per cent. On a month-on-month basis, Benue recorded the highest increase in headline inflation at 8.23 per cent, followed by Bayelsa at 7.62 per cent and Borno at 7.29 per cent.Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. Niger recorded a decline of 4.55 per cent, while Zamfara and Taraba recorded declines of 3.36 per cent and 2.67 per cent, respectively.The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. The report also showed wide variations in food inflation across states. Adamawa recorded the highest annual food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent. Borno recorded food deflation of 6.53 per cent, while Taraba and Bayelsa recorded the slowest increases at 1.13 per cent and 5.99 per cent, respectively.On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent. Niger, Katsina and Gombe recorded food price declines of 3.54 per cent, 3.48 per cent and 2.22 per cent, respectively.The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist. The latest figures indicate that while inflation remains considerably lower than the levels recorded a year ago, consumer prices continue to rise, with the annual inflation rate increasing for the third consecutive month amid persistent pressures from food, services and other core components of the economy as global tensions and insecurity persist.