Nigeria’s Inflation Drops to 22.22% in June – NBS
The National Bureau of Statistics (NBS) has announced that Nigeria’s headline inflation rate fell to 22.22% in June 2025 , marking the lowest rate so far this year .
This is the third straight month of decline, following 22.97% in May and 23.71% in April .
The year-on-year drop shows a 0.75 percentage point decrease from May and a significant 11.97 percentage point drop compared to June 2024, which recorded 34.19% .
The data was released on Wednesday , based on the latest Consumer Price Index (CPI) report.
Headline Inflation Falls, But Monthly Prices Rise
The Consumer Price Index rose from 121.4 in May to 123.4 in June , indicating that while annual inflation is slowing , monthly price increases are still rising sharply .
Month-on-month inflation now stands at 1.68% , up from 1.53% in May.
This shows that Nigerian households still face rising costs , particularly in:
- Food
- Transport
- Housing and utilities
Despite the annual improvement, the cost of living remains a challenge for many citizens.
Food Inflation Falls Year-on-Year But Rises Month-on-Month
The food inflation rate stood at 21.97% year-on-year , a major drop from 40.87% in June 2024.
However, on a month-on-month basis , food inflation rose to 3.25% , up from 2.19% in May .
Key items that drove the monthly increase include:
- Tomatoes
- Pepper
- Dried green peas
- Crayfish and shrimp
- Meat
- Plantain flour
- Ground pepper
These rising prices reflect ongoing supply-side challenges , especially during the Eid-el-Kabir season , when demand for food items spikes.
Core Inflation Rises Despite Year-on-Year Drop
Core inflation , which excludes volatile food and energy prices, declined year-on-year to 22.76% in June 2025 , down from 27.4% in June 2024.
But on a monthly basis , core inflation rose to 2.46% , up from 1.10% in May , showing that non-food sectors are under pressure .
The average 12-month core inflation rate now stands at 24.14% , slightly up from 24.01% in the same period last year.
Urban vs. Rural Inflation Trends Diverge
The NBS report shows a growing gap between urban and rural inflation .
- Urban inflation dropped to 22.72% year-on-year , from 36.55% in June 2024.
- Rural inflation eased to 20.85% year-on-year , from 32.09% in 2024.
On a monthly basis:
- Urban areas saw inflation rise to 2.11% , up from 1.40%
- Rural inflation dropped to 0.63% , from 1.83% in May
The average annual inflation rate for urban areas is now 28.16% , while rural areas recorded 24.65% .
State-Level Inflation Varies Across Nigeria
In June, Borno recorded the highest all-items inflation at 31.63% , followed by:
- Abuja – 26.79%
- Benue – 25.91%
The lowest inflation rates were in:
- Zamfara – 9.90%
- Yobe – 13.51%
- Sokoto – 15.78%
On a month-on-month basis , the highest price surges were in:
- Ekiti – 5.39%
- Delta – 5.15%
- Lagos – 5.13%
Some states recorded price declines , including:
- Zamfara – -6.89%
- Niger – -5.35%
- Plateau – -4.01%
Food Inflation Peaks in Borno, Low in Katsina
Among the states, Borno recorded the highest food inflation at 47.40% year-on-year , followed by Ebonyi – 30.62% and Bayelsa – 28.64% .
The slowest food inflation was in:
- Katsina – 6.21%
- Adamawa – 10.90%
- Sokoto – 15.25%
Month-on-month food inflation spiked in:
- Enugu – 11.90%
- Kwara – 9.97%
- Rivers – 9.88%
But Borno, Sokoto , and Bayelsa recorded food price drops of 7.63%, 6.43%, and 6.34% , respectively.
Analysts: Decline Is Due to Base Year Effect, Not Real Stability
Experts at Afrinvest had forecast the inflation rate to be 22.2% year-on-year , with a 1.7% monthly rise , and the NBS figures align with their projections .
They attributed the drop to two main factors:
- Base year effect — 2024’s high inflation rate of 34.2% makes current figures look lower.
- Naira stability — the currency gained 3.6% in June, closing at ₦1,529.71 per dollar .
Despite the disinflation, analysts warn that reinflation risks remain , citing:
- Persistent insecurity
- Flood disruptions
- Delayed GDP rebasing data
They expect the Central Bank of Nigeria (CBN) to hold policy rates steady , citing FX stability and high reinflation risks.
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