Nigeria’s headline inflation rate has further eased, settling at 22.22% in June 2025, down from 22.97% in May 2025, according to the Consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS) today.
This marks a decrease of 0.76 percentage points compared to May 2025.
On a year-on-year basis, the headline inflation rate in June 2025 was 11.97 percentage points lower than the 34.19% recorded in June 2024, reflecting a decline despite a change in the base year (November 2009 = 100).
However, on a month-on-month basis, the headline inflation rate for June 2025 rose to 1.68%, which is 0.15 percentage points higher than the 1.53% recorded in May 2025.
This indicates that the rate of increase in average price levels accelerated slightly in June compared to May.
Regarding food inflation, the rate stood at 21.97% year-on-year in June 2025, a sharp drop of 18.90 percentage points from 40.87% in June 2024.
This significant decline largely reflects the change in the base year. Month-on-month, food inflation rose to 3.25% in June, up by 1.07 percentage points from 2.19% in May, driven by price increases in items such as dried green peas, fresh pepper, white dried shrimps, crayfish, fresh meat, fresh tomatoes, plantain flour, and ground pepper.
The average annual food inflation rate over the twelve months ending June 2025 was 28.28%, which is 7.06 percentage points lower than the same period ending June 2024 (35.35%).
Core inflation, which excludes volatile agricultural products and energy prices, was recorded at 22.76% year-on-year in June 2025, a decrease of 4.64 percentage points from 27.40% in June 2024. On a monthly basis, core inflation rose to 2.46% in June from 1.10% in May.
The average twelve-month annual core inflation rate was 24.14% for the twelve months ending June 2025, slightly up by 0.07 percentage points from 24.06% in June 2024.
Focusing on geographical segmentation, the urban inflation rate was 22.72% year-on-year in June 2025, which is 13.83 percentage points lower than the 36.55% recorded in June 2024. Month-on-month, urban inflation increased to 2.11% in June, up from 1.40% in May.
In summary, Nigeria’s inflation continued its third consecutive month of decline on a year-on-year basis, influenced strongly by technical adjustments due to the rebasing of the Consumer Price Index and supported by a relatively stable exchange rate — though monthly price increases suggest ongoing upward pressure on prices, especially in food items.
