Nigeria’s Inflation Hits 15.93% in May, Third Straight Monthly Rise

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Nigeria’s headline inflation climbed for the third month in a row in May. The National Bureau of Statistics put the figure at 15.93% year-on-year, up from 15.69% in April.

The rise began in March. The Central Bank linked it to higher global energy costs after the U.S.-Israeli conflict with Iran. Before March, inflation had fallen for 11 straight months.

The Central Bank has said it expects the uptick to be temporary. Food inflation, which drives most of the pressure, rose sharply to 16.96% in May from 16.06% in April.

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