Nigeria Inflation Forecast – May 2026

Global & regional inflation backdrop

• Inflation pressures remained elevated across major economies in May 2026. In the United States, inflation increased to 4.2 percent from 3.8 percent in April, while the Euro Area rose further to 3.2 percent from 3.0 percent. In contrast, inflation in China remained unchanged at 1.2 percent, reflecting subdued price pressures in Asia’s largest economy.
• Across Africa, inflation trends were mixed but generally tilted to the upside. Kenya’s inflation accelerated to 6.7 percent from 5.6 percent, while Ghana’s inflation increased to 3.7 percent from 3.4 percent. Overall, 51 percent of tracked countries recorded higher inflation in May, down from 72 percent in April.

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