Nigeria's inflation climbed to 15.93 percent in May. That's up from 15.69 percent the month before, according to the National Bureau of Statistics.
The marginal increase of 0.24 percentage points marks a significant shift in price pressures. It's the highest reading since December, when inflation was falling.
Year-on-year, however, the picture looks brighter. Prices rose just 10.13 percentage points compared to May last year, when inflation stood at 26.06 percent.
On a month-to-month basis, prices climbed 1.75 percent in May. This represented an improvement from April's 2.13 percent, suggesting some relief for consumers.
Food prices remain the biggest culprit. The food inflation index hit 16.96 percent year-on-year in May.
Onions, maize, tomatoes, and fresh pepper drove much of that increase. Cassava flour, crayfish, melon seeds, and yam also pushed up food costs significantly.
Month-on-month, food inflation eased to 2.98 percent from 3.63 percent. It's a welcome cooling after months of sustained pressure on households.
Over the past twelve months, food inflation averaged 16.99 percent. That's substantially lower than the 33.21 percent average recorded a year earlier.
Regional variations tell a different story across the country. Yobe state experienced the sharpest year-on-year inflation at 24.94 percent.
Anambra followed at 23.29 percent, while Sokoto recorded 22.60 percent. Three states are bearing the brunt of price pressures.
Niger state saw the mildest inflation at just 3.07 percent year-on-year. Plateau and Edo also reported lower rates of 7.10 and 7.73 percent respectively.
Food inflation paints an even starker picture when examined by state. Adamawa recorded the highest at 29.62 percent year-on-year.
Kwara and Rivers followed at 28.47 and 28.40 percent. But Borno state actually experienced deflation in food prices, declining 6.53 percent.
The Centre for the Promotion of Private Enterprise blames geopolitical tensions for the May uptick. Middle East instability disrupted global energy markets, they argued.
Rising crude oil prices and higher marine insurance premiums squeezed import costs. Supply chain disruptions also contributed to the inflationary pressure.
Despite the setback, CPPE sees encouraging signs in the underlying data. Month-on-month moderation suggests inflation may be stabilizing.
The economic policy group notes that food inflation eased significantly on a monthly basis. A decline from 3.63 to 2.98 percent is meaningful relief.
Still, Nigerian consumers continue to battle elevated price levels. Year-on-year comparisons show prices remain substantially higher than a year ago.
Policymakers will be watching these figures closely in coming months. Whether the May moderation signals a genuine trend reversal remains to be seen.
