Nigeria’s headline inflation has risen steadily between July 2023 and June 2024
Prices of food items like tomatoes, yams, Irish potatoes, and brown beans have witnessed more than a 250% increase over the past 12 months in Nigeria. The country's headline inflation rate went from 24.08% in July 2023 to 34.19% in June 2024.
Nigeria’s year-on-year food inflation rose for the fourth consecutive month, from 8.89% in January 2026 to 16.96% in May.
The rate increased by 8.07 percentage points within the first five months of 2026.
May’s 16.96% rate means food prices were, on average, 16.96% higher than they were in May 2025.
Food inflation rose from 12.12% in February to 14.31% in March and 16.06% in April before reaching 16.96% in May.
Food inflation exceeded Nigeria’s 15.93% headline inflation rate in May, showing that food was a major source of renewed pressure on household expenses.
