According to data released by the National Bureau of Statistics, headline consumer inflation climbed to 15.93% year-on-year in May, up from 15.69% in April. The movement, though modest, reinforces a reversal that began earlier in March after months of steady decline.
The statistics office noted the continued acceleration in prices across key consumption categories, particularly food, which remains the most influential driver of inflation in the country.
Food Prices Push Overall Inflation Higher
Food inflation rose more sharply than the broader index, increasing to 16.96% year-on-year in May, compared with 16.06% in April. This category continues to exert the strongest upward pressure on household spending, especially for low- and middle-income earners who spend a large share of their income on basic food items.
The National Bureau of Statistics highlighted that food price increases remain a central factor shaping the overall inflation outlook, reflecting persistent supply-side constraints and cost pressures across agricultural and distribution channels.
External Shocks and Energy Costs Still Feeding Inflation
The recent uptick in inflation has been partly linked to external developments. Price pressures in Africa’s largest economy began to re-emerge in March following a surge in global energy costs triggered by geopolitical tensions involving the U.S., Israel, and Iran.
Higher global oil and energy prices tend to filter into domestic transportation and production costs, amplifying inflationary effects across multiple sectors.
Before this renewed pressure, inflation had shown signs of sustained improvement, easing for 11 consecutive months, a streak that had raised cautious optimism about a stabilising price environment.
Central Bank Maintains Temporary Outlook
Despite the renewed climb, monetary authorities have maintained a relatively restrained outlook. In May, the central bank indicated that it expects the recent rise in inflation to be short-lived, describing it as a temporary fluctuation rather than a structural reversal.
This stance suggests policymakers are closely watching whether price pressures will stabilise in the coming months or continue building momentum.
For now, the latest figures point to a fragile inflation environment—one still highly sensitive to food supply dynamics and global energy shocks, with households likely to continue feeling the strain in everyday living costs.