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By Ojomah Austin.

Nigeria’s inflation rose for the third consecutive month to 15.93 percent in May 2026 from 15.69 percent recorded in April.

The National Bureau of Statistics disclosed this in its Consumer Price Index and inflation data released on Monday.

This means that in May, the country’s inflation rose on a month-on-month basis by 1.75 percent.

Also, the report showed that food inflation also skyrocketed to 16.96 percent in May, up from 16.06 percent recorded the previous month.

“In May 2026, the headline inflation rate on a month-on-month basis was 1.75 percent, which was 0.39 percent lower than the rate recorded in April 2026 (2.13 percent).

On a year-on-year basis, the headline inflation rate rose to 15.93 percent, up from 15.69 percent in April 2026 and down from 26.06 percent in the same month of the preceding year May 2025.

The Food inflation rate in May 2026 on a month-on-month basis was 2.98 percent, down by 0.65 percentage points from April 2026 (3.63 percent). On a year-on-year basis, it was 16.96 percent and stood at 24.55 percent in the same month of the preceding year, May 2025”.

Recall that the headline inflation rate dropped in March and April, respectively.

Recall the Central Bank of Nigeria retained the country’s interest rate 26.50 percent in its 305th Monetary Policy meeting.

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The United States and Iran agreed on a peace deal and an “immediate and permanent” end to military operations on all fronts, including Lebanon, mediator Pakistan said, in the strongest sign yet that more than three months of war in the Middle East is drawing to a close.

Pakistani Prime Minister Shehbaz Sharif posted on X that a peace deal “has been REACHED” and an official signing ceremony will be held on June 19 in Switzerland.

“The Deal with the Islamic Republic of Iran is now complete,” US President Donald Trump swiftly confirmed with his own statement on Sunday, as he marked his 80th birthday.

“I hereby fully authorise the toll-free opening of the Strait of Hormuz and, simultaneously herewith, authorise the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!”

There was no immediate confirmation from Iran, which just hours earlier had vowed to retaliate against a strike by Israel against Iranian ally Hezbollah in the suburbs of Beirut, which threatened to push back an agreement.

It had declined on Sunday to offer a clear timeline for reaching a peace deal.

But later in the day, Pakistan’s Sharif made the announcement that a deal had been struck, thanking the US and Iran “for finding a diplomatic solution to the conflict.”

Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon,” Sharif wrote, adding thanks to leaders of Qatar, Saudi Arabia, and Turkey for their support in the mediation effort.

It was a rollercoaster Sunday, with Trump in the morning angrily blaming Israel for delaying its signing with the airstrike on Beirut, which he said had delayed the agreement.

The last time Israel hit the Beirut suburbs, it sparked one of the strongest jolts yet to a ceasefire that has largely held since April, with Iran firing off a retaliatory missile barrage and Israel responding with strikes.

Tehran has long demanded that any agreement to halt the war must include the parallel conflict in Lebanon, where Israel has been pursuing a campaign against Iran-backed Hezbollah.

The war began in late February, with US-Israeli strikes on Iran, which retaliated with attacks on Israel and US allies in the region, and by virtually blocking ship traffic in the Strait of Hormuz, a vital route for global oil and natural gas supplies. The US retaliated to that by blockading ship traffic to Iranian ports.

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Prices of oil fell sharply in Asian trading on Monday after the United States and Iran announced an agreement that would allow the reopening of the Strait of Hormuz, ending more than 100 days of disruption to one of the world’s most important energy shipping routes.

At the time of reporting, Brent crude was down by nearly 4 percent at $83.67 per barrel, while U.S. benchmark West Texas Intermediate (WTI) declined to $80.76 per barrel.

The latest drop extends a downward trend that has emerged in recent weeks amid growing speculation that a diplomatic breakthrough was imminent despite continued military escalations.

As a result, the petrol price is seen falling below N1000 per litre after many weeks of inflated prices at filling stations across Nigeria.

Analysts say the price will likely settle between N850 and N915 when the Strait finally re-opens and ships begin ferrying fuel supplies, easing pressure on the domestic market while helping to stabilise costs.

The breakthrough was announced on Sunday night when President Trump stated on social media that negotiations with Iran had been concluded.

He said oil would once again move through the Strait of Hormuz once the agreement is formally signed on Friday.

Iran also signaled its approval of the arrangement.

Deputy Foreign Minister Kazem Gharibabadi confirmed that both sides had finalised the text of a memorandum of understanding, adding that a formal signing ceremony is scheduled to take place in Switzerland later this week.

The agreement was further validated by Pakistan and Qatar, which served as the principal mediators throughout the negotiations.

Although the full terms have not been officially released, Iran’s semi-official Mehr News Agency, citing a source close to the country’s negotiating team, reported that the deal includes an end to the conflict in Lebanon, the suspension of sanctions on Iranian oil exports, the release of $24 billion in frozen Iranian assets, and assurances that Iran will not pursue nuclear weapons.

According to the report, sanctions relief and the release of frozen funds will occur during a ceasefire period. Mehr also indicated that Iran could gain access to $12 billion before broader negotiations commence.

For energy markets, one of the most significant provisions is the resumption of Iranian crude exports during the proposed 60-day ceasefire while talks on nuclear issues continue.

The diplomatic progress nearly unravelled shortly before the announcement after Israel launched an air strike in southern Beirut. Trump criticised the operation, saying it “should not have happened,” and subsequently urged all parties to de-escalate.

He also called for an immediate halt to Israeli attacks across Lebanon.

Despite optimism surrounding the agreement, market participants remain cautious. Traders are expected to closely monitor the removal of mines from the Strait of Hormuz, the formal signing of the accord, and the restoration of normal shipping activity before fully embracing expectations of supply normalisation.

After more than three months of conflict, investors are increasingly pricing in the prospect of peace and a gradual return to stability in global oil markets. However, questions remain over the durability of the agreement and how quickly normal trade flows can be restored.