Nigeria’s Inflation Rate Falls to 22.22% In June 2025 – NBS

The headline inflation rate for June 2025 moderated to 22.22%, down from 22.97% in May 2025, according to data released by the National Bureau of Statistics (NBS) on Wednesday.

The latest Consumer Price Index (CPI) report shows a 0.75 percentage point decrease month-on-month and a significant 11.97 percentage point drop compared to June 2024, when inflation was recorded at 34.19%. This decline is noted within the context of a rebased index that now uses 2024 as the base year.

Despite the annual slowdown, month-on-month inflation edged up slightly to 1.68% in June, compared to 1.53% in May, indicating that while prices are rising more slowly year-over-year, they continue to increase at a steady monthly pace.

The CPI rose from 121.4 in May to 123.4 in June, reflecting ongoing price pressures, particularly in the sectors of food, transport, and housing.

The NBS report stated, “The Consumer Price Index increased to 123.4 in June 2025, a 2.0-point rise from May’s 121.4. Headline inflation eased to 22.22% in June from 22.97% in May, representing a 0.75 percentage point decline. Year-on-year inflation was 11.97 percentage points lower than June 2024’s rate of 34.19%, although based on a revised base year (November 2009 = 100).”

Food inflation also saw a notable drop, falling to 21.97% year-on-year in June 2025 from 40.87% in June 2024, largely influenced by the base year adjustment. However, monthly food inflation increased to 3.25% in June, up from 2.19% in May, driven by rising prices of staples such as tomatoes, pepper, dried green peas, crayfish, shrimps, meat, plantain flour, and ground pepper.

The average annual food inflation for the 12 months ending June 2025 was 28.28%, down 7.02 percentage points from the previous year’s 35.3%.

Core inflation—which excludes volatile items like agricultural produce and energy—fell to 22.76% year-on-year in June 2025 from 27.4% in June 2024. On a monthly basis, however, core inflation increased to 2.46% in June from 1.10% in May, indicating rising costs in non-food categories. The 12-month average core inflation stood at 24.14% in June, slightly above last year’s 24.01%.

The report highlighted differing inflation trends between urban and rural areas. Urban inflation declined to 22.72% year-on-year in June from 36.55% in June 2024 but increased month-on-month to 2.11% from 1.40% in May. The 12-month average for urban inflation dropped to 28.16%. Conversely, rural inflation eased to 20.85% year-on-year from 32.09% and slowed month-on-month to 0.63% in June from 1.83% in May. The average annual rural inflation rate was 24.65%.

At the state level, Borno recorded the highest year-on-year all-items inflation rate at 31.63%, followed by Abuja at 26.79% and Benue at 25.91%. The states with the lowest inflation rates were Zamfara at 9.90%, Yobe at 13.51%, and Sokoto at 15.78%.

Monthly inflation surged most sharply in Ekiti (5.39%), Delta (5.15%), and Lagos (5.13%), while Zamfara, Niger, and Plateau experienced declines of 6.89%, 5.35%, and 4.01%, respectively.

Food inflation was most severe in Borno at 47.40% year-on-year, followed by Ebonyi (30.62%) and Bayelsa (28.64%). The slowest food inflation rates were in Katsina (6.21%), Adamawa (10.90%), and Sokoto (15.25%). Month-on-month, food prices rose fastest in Enugu (11.90%), Kwara (9.97%), and Rivers (9.88%), while Borno, Sokoto, and Bayelsa saw decreases of 7.63%, 6.43%, and 6.34%, respectively.

Key contributors to the headline inflation included food and non-alcoholic beverages, restaurants and accommodation, transport, housing, utilities (electricity, gas, and fuels), education, health, and clothing and footwear.

While the easing of inflation on an annual basis may indicate improved macroeconomic stability, the rising monthly inflation rates suggest that Nigerian households continue to face significant cost-of-living pressures.