Nigeria’s headline inflation rate eased to 22.22% in June 2025, down from 22.97% in May, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The June reading marks the third straight monthly decline in headline inflation.
Year-on-Year Inflation Slows Sharply
On an annual basis, headline inflation was 11.97 percentage points lower than the 34.19% recorded in June 2024, reflecting the impact of the NBS’s earlier rebasing and reweighting exercise and a cooling in price pressures versus last year’s spike.
Monthly Price Growth Picks Up Slightly
While the annual rate eased, month-on-month inflation quickened to 1.68% in June, edging above 1.53% in May. This means average prices increased at a faster pace in June than in the previous month—a reminder that households are still feeling upward pressure at the checkout.
Food Inflation: Mixed Signals
Food inflation stood at 21.97% year-on-year in June, down sharply versus June 2024 due in part to the statistical base effect from the CPI rebasing. However, on a month-on-month basis, food prices accelerated, with the NBS citing higher average prices for items such as green peas, fresh pepper, shrimps, crayfish, meat, tomatoes, and plantain flour.
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Quick Take for Readers
- Headline inflation down for 3rd month – relief in the annual rate.
- But monthly gains are faster – prices are still rising, just from a lower annual base.
- Food costs are still volatile – shoppers may not yet feel big relief.
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