Nigeria’s headline inflation rate fell to 22.22% in June 2025, marking a third consecutive monthly decline from 22.97% in May and 24.23% in March, according to the National Bureau of Statistics (NBS). The year-on-year drop, down 11.97 percentage points from June 2024’s 34.19%, reflects a rebased index using 2024 as the new base year. However, month-on-month inflation edged up to 1.68% from 1.53%, signaling ongoing price pressures.
The Consumer Price Index (CPI) rose from 121.4 in May to 123.4 in June, driven by increases in food, transport, housing, and utilities. Food inflation dropped significantly to 21.97% year-on-year from 40.87% in June 2024, but rose month-on-month to 3.25% from 2.19%, fueled by higher prices for staples like tomatoes, pepper, and meat. The 12-month average food inflation was 28.28%, down from 35.3%.
Core inflation, excluding volatile food and energy, eased to 22.76% year-on-year from 27.4%, but climbed to 2.46% month-on-month from 1.10%, reflecting pressures in non-food sectors. Urban inflation fell to 22.72% year-on-year but rose to 2.11% month-on-month, while rural inflation dropped to 20.85% year-on-year, slowing to 0.63% month-on-month.
Borno recorded the highest year-on-year inflation at 31.63%, followed by Abuja (26.79%) and Benue (25.91%), while Zamfara (9.90%) and Yobe (13.51%) saw the lowest. Month-on-month, Ekiti (5.39%) and Delta (5.15%) faced the steepest rises, while Zamfara and Niger saw declines. Food inflation was highest in Borno (47.40%) and lowest in Katsina (6.21%).
Analysts at Afrinvest accurately predicted the 22.2% rate, citing the naira’s 3.6% strengthening to N1,529.71/$ and the high base effect from 2024’s 34.2%. Despite the annual decline, rising monthly rates indicate persistent cost-of-living challenges, underscoring the need for sustained economic reforms.
