Nigeria’s inflation rate continued its downward trajectory in June 2025, dropping to 22.22% year-on-year, according to the latest data released by the National Bureau of Statistics (NBS) on Wednesday. This marks the third consecutive month of disinflation following the recent rebasing of the Consumer Price Index (CPI).
The headline inflation rate decreased by 75 basis points (bps) from 22.97% in May to 22.22% in June, signifying a modest easing of inflationary pressures. However, on a month-on-month basis, the Consumer Price Index (CPI) rose to 1.68% from the 1.53% recorded in May, reflecting a short-term uptick in prices.
Food inflation surged to 21.97% in June, up by 83 bps from 21.14% in May. Month-on-month, food prices saw a sharper climb of 107 bps, rising from 2.19% in May to 3.25% in June.
According to the NBS, the increase in food inflation was driven by significant price hikes in essential food items such as dried green peas, fresh pepper, dried white shrimps, crayfish, fresh meat, tomatoes, plantain flour, and ground pepper.
Core inflation, which excludes the prices of volatile agricultural goods and energy products, also moved upward. It reached 22.76% year-on-year in June, up from 22.28% in May—an increase of 48 bps. On a monthly basis, the core index jumped by 136 bps to 2.46%, compared to 1.10% the previous month.
Despite the decline in headline inflation, analysts note that persistent food price hikes and high core inflation continue to pose challenges for monetary policy and household spending power.
